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before an expenditure. TIS' is expected to be used for the project costs listed above, which is a not -to - <br />exceed budget rather than an expected budget of costs. <br />Pursuant to M.S., Section 469.175, Subd. 1 (5),'it is estimated that the cost of improvements, including <br />administrative expenses which will be paid 'or financed with tax increments, will equal $17,500,000. For <br />purposes of OSA reporting forms, it is estimated that the cost of improvements, including financing which <br />will be paid for with tax increment will equal $54,100,000 as is presented in the budget above. <br />Estimated costs associated with the District are subject to change among categories without a <br />modification to this TIF Plan. The cost of all activities to be considered for tax increment financing will <br />not exceed, without formal modification, the budget above pursuant to the applicable statutory <br />requirements. Project costs may be spent on activities related to development or redevelopment outside <br />of the District but within the boundaries of the Project, (including administrative costs, which are <br />considered to be spent outside of the District) subject to the limitations as described in this TIF Plan. <br />(ASMODIFIED ONAUGUST 22, 2006) <br />Other Limitations on the Use of Tax Increment <br />1. Pooling Limitations. At least 75 percent of tax increments from the District must be expended on <br />activities in the District or to pay bonds, to the extent that the proceeds of the bonds were used to finance <br />activities within said district or to pay, or secure payment of, debt service on credit enhanced bonds. Not <br />more than 25 percent of said tax increments may be expended, through a development fund or otherwise, <br />on activities outside of the District except to pay, or secure payment of, debt service on credit enhanced <br />bonds. For purposes of applying this restriction, all administrative expenses must be treated as if they <br />were solely for activities outside of the District. <br />Housing and Redevelopment Authority of St. Anthony Modification to the TIF Plan for TIF District No. 3 4 <br />24 <br />