08-11-2003 EDA Packet - Laserfiche WebLink

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City of Lino Lakes, Minnesota Section W Prior Planned Improvements The Authority shall accompany its request for certification to the County Auditor (or notice of district enlargement), with a listing of all properties within the TIF District for which building permits have been issued during the 18 months immediately preceding approval of the TIF Plan. The County Auditor shall increase the original net tax capacity of the TIF District by the net tax capacity of each improvement for which a building permit was issued. There have been no building permits issued in the last 18 months in conjunction with any of the properties within the TIF District. Section X Development Agreements If within a project containing an economic development district, more n 10% of the acreage of the property to be acquired by the Authority is purchased with tax increment bonds proceeds (to which tax increment from the property is pledged) then prior to such acquisition, the Authority must enter into an agreement for the development of the property Such agreement mush provide recourse for the Authority should ttedevelopment not be complete lopment, but does not anticipate The Authority anticipates entering into an agreeme acquiring any property located within the TIF District. Section Y Assessment Agreemen The Authority may, upon entering into assessment agreement ith the developer, land and improvements, each year during The assessment agreement shall bepresented the P plans and s ecifii tins for previously assigned to e assessment ateement ap agreemenle. ri the County Recorder of .eac„ premature termination of this agre. District. The Autho anticipates en agreement, also enter into an establishes°a minimum market value of the e of the TIF District. the County or City Assessor who shall review 9vemen o be constructed, review the market value gang as tie minimum market value contained in the ars to be an accurate estimate, shall certify the assessment ,assessment agreement shall be filed for record in the office of unty where the property is located. Any modification or gent must first be approved by the City, County and School ing into an assessment agreement. Section Z Modific ft+s of the Tax Increment Financing Plan Any reduction or enlargement in the geographic area of the Project Area or the TIF District; increase in the amount of bonded indebtedness to be incurred; increase in the amount of capitalized interest; increase in that portion of the captured net tax capacity to be retained by the Authority; increase in the total estimated public costs; or designation of additional property to be acquired by the Authority shall be approved only after satisfying all the necessary requirements for approval of the original TIF Plan. This paragraph does not apply if: (1) the only modification is elimination of parcels from the TIF District; and (2) the current net tax capacity of the parcels eliminated equals or exceeds the net tax capacity of those parcels in the TIF District's original net tax capacity, or the SPRINGSTED Page 12