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property acquired is pledged, unless prior to acquisition in excess of 25 percent of the acreage, the City <br />concluded an agreement for the development or redevelopment of the property acquired and which provides <br />recourse for the City should the development or redevelopment 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 Clerk. <br />Subsection 2 -25. Annual Disclosure Requirements <br />Pursuant to MS., Section 469.175, Subd. 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 <br />before August 1 of each year. MS., Section 469.175, Subd. 5 also provides that an annual statement shall be <br />published in a newspaper of general circulation in the City on or before August 15. <br />If the City fails to make a disclosure or submit a report containing the information required by M.S., Section <br />469.175 Subd. 5 and Subd. 6, the OSA will direct the County Auditor to withhold the distribution of tax <br />increment from the District. <br />Subsection 2 -26. Reasonable Expectations <br />As required by the TIF Act, in establishing the District, the determination has been made that the anticipated <br />development would not reasonably be expected to occur solely through private investment within the <br />reasonably foreseeable future and that the increased market value of the site that could reasonably be expected <br />to occur without the use of tax increment financing would be less than the increase in the market value <br />estimated to result from the proposed development after subtracting the present value of the projected tax <br />increments for the maximum duration of the District permitted by the TIF Plan. In making said <br />determination, reliance has been placed upon written representation made by the developer to such effects <br />and upon City staff awareness of the feasibility of developing the project site. A comparative analysis of <br />estimated market values both with and without establishment of the District and the use of tax increments has <br />been performed as described above. Such analysis is included with the cashflow in Appendix D, and <br />indicates that the increase in estimated market value of the proposed development (less the indicated <br />subtractions) exceeds the estimated market value of the site absent the establishment of the District and the <br />use of tax increments. <br />City of Little Canada <br />Tax Increment Financing Plan for Tax Increment Financing District No. 5 -1 2 -14 <br />-23- <br />