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Time Limit #1 : 3 Year Rule <br /> • Within three years of certification, one of three things must <br /> occur for district to remain alive: <br /> — Bonds are issued to aid the project, <br /> — Authority acquires property within the district, or <br /> — Authority causes public improvements to be constructed <br /> within the district. <br /> "iir 5,.,rtc,Ai-,--_ 12 SD:inastt� <br /> Time Limit #2: 4 Year Rule (Knock Down) <br /> • Increment will not be collected from a particular parcel unless, <br /> within four years of certification, demolition, rehabilitation or <br /> renovation of property or other site improvements has occurred <br /> in accordance with TIF plan. <br /> • If a parcel is"knocked-down"and later improved, it can be <br /> reinstated in the district, but at the market value at the time of <br /> reinstatement. <br /> sectrp .,;.„s 13 Springsteo <br /> i. <br /> 7 <br />