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06-24-2019 Council Packet
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06-24-2019 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
06/24/2019
Council Meeting Type
Regular
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Lino Lakes Economic Development Authority, Minnesota <br />BAKER TILLY Page 10 <br /> <br /> <br />Section X Development Agreements <br /> <br />If within a project containing a housing district, more than 10% of the acreage of the property to be acquired by the <br />Authority is purchased with tax increment bonds proceeds (to which tax increment from the property is pledged), then <br />prior to such acquisition, the Authority must enter into an agreement for the development of the property. Such <br />agreement must provide recourse for the Authority should the development not be completed. <br /> <br />The Authority anticipates entering into an agreement for development but does not anticipate acquiring any property <br />located within the TIF District. <br /> <br /> <br />Section Y Assessment Agreements <br /> <br />The City may, upon entering into a development agreement, also enter into an assessment agreement with any <br />person, which establishes a minimum market value of the land and improvements for each year during the life of the <br />TIF District. <br /> <br />The assessment agreement shall be presented to the County or City Assessor who shall review the plans and <br />specifications for the improvements to be constructed, review the market value previously assigned to the land, and <br />so long as the minimum market value contained in the assessment agreement appears to be an accurate estimate, <br />shall certify the assessment agreement as reasonable. The assessment agreement shall be filed for record in the <br />office of the County Recorder of each county where the property is located. Any modification or premature <br />termination of this agreement must first be approved by the City, County and School District. <br /> <br />The Authority anticipates entering into an assessment agreement. <br /> <br /> <br />Section Z Modifications of the Tax Increment Financing Plan <br /> <br />Any reduction or enlargement in the geographic area of the Project Area or the TIF District; increase in the amount of <br />bonded indebtedness to be incurred; increase in the amount of capitalized interest; increase in that portion of the <br />captured net tax capacity to be retained by the City; increase in the total estimated capital and administrative costs; <br />or designation of additional property to be acquired by the City shall be approved only after satisfying all the <br />necessary requirements for approval of the original TIF Plan. This paragraph does not apply if: <br /> <br /> (1) the only modification is elimination of parcels from the TIF District; and <br /> <br /> (2) the current net tax capacity of the parcels eliminated equals or exceeds the net tax capacity of <br />those parcels in the TIF District's original net tax capacity, or the City agrees that the TIF District's <br />original net tax capacity will be reduced by no more than the current net tax capacity of the parcels <br />eliminated. <br /> <br />The City must notify the County Auditor of any modification that reduces or enlarges the geographic area of the TIF <br />District. The geographic area of the TIF District may be reduced but not enlarged after five years following the date <br />of certification. <br /> <br /> <br />Section AA Administration of the Tax Increment Financing Plan <br /> <br />Upon adoption of the TIF Plan, the City shall submit a copy of such plan to the Minnesota Department of Revenue <br />and the Office of the State Auditor. The City shall also request that the County Auditor certify the original net tax <br />capacity and net tax capacity rate of the TIF District. To assist the County Auditor in this process, the City shall <br />submit copies of the TIF Plan, the resolution establishing the TIF District and adopting the TIF Plan, and a listing of <br />any prior planned improvements. The City shall also send the County Assessor any assessment agreement
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