07/09/2003 P&Z Packet - Laserfiche WebLink

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• • • City of Lino Lakes, Minnesota If within a project containing an economic development district, more than 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 must provide recourse for the Authority should the development not be completed. The Authority anticipates entering into an agreement for development, but does not anticipate acquiring any property located within the TIF District. Section Y Assessment Agreements The Authority may, upon entering into a developme assessment agreement with the developer, which establis land and improvements for each year during the life ofthJ The assessment agreement shall be presented t the plans and specifications for the improvemer previously assigned to the land, and so long a assessment agreement appears to be an accu agreement as reasonable. The assessment agreeni the County Recorder of each count ';here the pro premature termination of this agreem b, 'rst be apprc District. nt, also enter into an a minimum market value of the TIF District. ounty or City Asses sC ho shall review be constructed, review = °' market value minimum market value c•' tained in the esti to shall certify the assessment be filed for record in the office of is located. Any modification or d by the City, County and School The Authority anticipates entering into an Section Z Modi nt Financing Plan Any reduction or en increase in the amou capitalizecltltr the Aut to be req u increa in th` e; uth the rea of the Project Area or the TIF District; ss,to be incurred; increase in the amount of hat portion- tine captured net tax capacity to be retained by al estimated public costs; or designation of additional property hall be approved only after satisfying all the necessary al TIF Plan. This paragraph does not apply if: tion islimination of parcels from the TIF District; and ax capacity of the parcels eliminated equals or exceeds the net 'those parcels in the TIF District's original net tax capacity, or the es that the TIF District's original net tax capacity will be reduced by m•`. an the current net tax capacity of the parcels eliminated. The Authority must notify the County Auditor of any modification that reduces or enlarges the geographic area of the TIF District. The geographic area of the TIF District may be reduced but not enlarged after five years following the date of certification. Section AA Administration of the Tax Increment Financing Plan Upon adoption of the TIF Plan, the Authority shall submit a copy of such plan to the Minnesota Department of Revenue. The Authority shall also request that the County Auditor certify the original net tax capacity and net tax capacity rate of the TIF District. To assist the County SPRINGSTED Page 11