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Time Limit #3: 5 Year Rule <br /> • For increment to be considered a spent expenditure within the <br /> TIF District, one of the following must occur within five years <br /> after certification of the district: <br /> — TI is paid to a 3rd party for a TIF eligible expenditure, <br /> — Bonds are sold to a 3rd party and proceeds expected to be <br /> spent within 5 years, <br /> — Binding contracts are entered into with a 3rd party for <br /> performance of an activity and increment is spent under the <br /> contract,or <br /> — Costs are incurred by a"party"and revenues are spent to <br /> reimburse that party. <br /> 14 Springsted <br /> Conclusions and Recommendations . <br /> Approve interfund loan resolution <br /> Appoint EDA subcommittee <br /> J " • Identify geographic boundary of District <br /> • Complete blight examination/substandard test <br /> • Utilize building official ,Q e� <br /> • Contract j <br /> • Create/certify redevelopment TIF District plan <br /> is Springsted <br /> 8 <br />