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Subdivision 5, enter into an agreement in recordable form with the developer of property <br />within the tax increment financing district which establishes a minimum market value of <br />the land and completed improvements for the duration of the tax increment redevelopment <br />district. The assessment agreement shall be presented to the county assessor who shall <br />review the plans and specifications for the improvements to be constructed, review the <br />market value previously assigned to the land upon which the improvements are to be <br />constructed and 50 long as the minimum market value contained in the tax capacity <br />agreement appears in the judgment of the assessor, to be a reasonable estimate, the assessor <br />may certify the minimum market value agreement. <br />W. Administration of the Tax Increment Financing Redevelopment District and <br />Maintenance of the Tax Increment Account <br />Administration of the tax increment financing redevelopment district will be handled by the <br />Office of the City Clerk -Administrator. <br />The tax increment received as a result of increases in the assessed value of the tax <br />increment financing redevelopment district will be maintained in a special account separate <br />from all other municipal accounts and expended only upon sanctioned municipal .activities <br />identified in the finance plan. <br />(AS MODIFIED NOVEMBER 13, 2000) <br />Administration of the tax increment financing redevelopment district will be handles by the <br />City of Mounds View's E.D.A. Executive Director. <br />Consistent with Minnesota Statutes, Section 469.177, Subdivision 5, requiring that "Tax <br />increment received with respect to any district shall be segregated by the authority in a <br />special account or accounts on its official books and records or as otherwise established by <br />resolution of the authority to be held by a trustee or trustees for the benefit of holders of the <br />bond," the EDA will account for all increment for all increment from the Tax Increment <br />Districts in one or more accounts and subaccounts, including the ability where deemed <br />appropriate to establish one or more accounts for the proper accounting and implementation <br />of the Tax increment Financing Districts and the portion of the Project to be financed <br />directly or indirectly with tax increment. The right to make appropriate transfers in and out <br />of such accounts is hereby reserved, along with the right to make both external and internal <br />interest bearing borrowings, whether long term or short term, including transfers from other <br />City or EDA funds to cash flow tax increment obligations and other legitimate <br />expenditures. <br />X. Annual Disclosure Requirements <br />Pursuant to Minnesota Statutes, Section 273.14, Subdivision 6, an authority must file an <br />animal disclosure report for all tax increment financing districts. The report shall be filed <br />with the school board, county board, and governing body of the municipality, if the <br />authority is not the municipality, and the State Auditor. The report shall include the <br />following information: <br />City of Mounds View TIP District No. I Modification 24 111 a g c <br />