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City of Little Canada Tax Increment Financing Plan for Tax Increment Financing District No. 7-2 2-12 <br />Subsection 2-21. Excess Increments <br />Excess increments, as defined in M.S., Section 469.176, Subd. 2, shall be used only to do one or more of the <br />following: <br />1. Prepay any outstanding bonds; <br />2. Discharge the pledge of tax increment for any outstanding bonds; <br />3. Pay into an escrow account dedicated to the payment of any outstanding bonds; or <br />4. Return the excess to the County Auditor for redistribution to the respective taxing jurisdictions in <br />proportion to their local tax rates. <br />The City must spend or return the excess increments under paragraph (c) within nine months after the end <br />of the year. In addition, the City may, subject to the limitations set forth herein, choose to modify the TIF <br />Plan in order to finance additional public costs in Development District No. 7 or the District. <br />Subsection 2-22. Requirements for Agreements with the Developer <br />The City will review any proposal for private development to determine its conformance with the <br />Development Program and with applicable municipal ordinances and codes. To facilitate this effort, the <br />following documents may be requested for review and approval: site plan, construction, mechanical, and <br />electrical system drawings, landscaping plan, grading and storm drainage plan, signage system plan, and any <br />other drawings or narrative deemed necessary by the City to demonstrate the conformance of the development <br />with City plans and ordinances. The City may also use the Agreements to address other issues related to the <br />development. <br />Pursuant to M.S., Section 469.176, Subd. 5, no more than 10 percent, by acreage, of the property to be <br />acquired in the project area as set forth in the TIF Plan shall at any time be owned by the City as a result of <br />acquisition with the proceeds of bonds issued pursuant to M.S., Section 469.178 to which tax increments from <br />property acquired is pledged, unless prior to acquisition in excess of 10 percent of the acreage, the City <br />concluded an agreement for the development of the property acquired and which provides recourse for the <br />City should the development not be completed. <br />Subsection 2-23. Assessment Agreements <br />Pursuant to M.S., Section 469.177, Subd. 8, the City may enter into a written assessment agreement in <br />recordable form with the developer of property within the District which establishes a minimum market value <br />of the land and completed improvements for the duration of the District. The assessment agreement shall be <br />presented to the County Assessor who shall review the plans and specifications for the improvements to be <br />constructed, review the market value previously assigned to the land upon which the improvements are to be <br />constructed and, so long as the minimum market value contained in the assessment agreement appears, in the <br />judgment of the assessor, to be a reasonable estimate, the County Assessor shall also certify the minimum <br />market value agreement. <br />Subsection 2-24. Administration of the District <br />Administration of the District will be handled by the City Administrator. <br />Subsection 2-25. Annual Disclosure Requirements <br />Pursuant to M.S., Section 469.175, Subds. 5, 6, and 6b the City must undertake financial reporting for all tax <br />increment financing districts to the Office of the State Auditor, County Board and County Auditor on or