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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 so long as the minimum market value contained in the assessment <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 Manager. <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 handled 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 for the proper accounting and implementation of the Tax <br />increment Financing Districts and the portion of the Project to be financed directly or <br />indirectly with tax increment. The right to make appropriate transfers in and out of such <br />accounts is hereby reserved, along with the right to make both external and internal interest <br />bearing borrowings, whether long term or short term, including transfers from other city or <br />EDA funds to cash flow tax increment obligations and other legitimate expenditures. <br />X. Annual Disclosure Requirements <br />Pursuant to Minnesota Statutes, Section 469.175, Subdivision 5, an authority must file an <br />annual disclosure report for all tax increment financing districts. The report shall be filed <br />with the school board, county board and the Minnesota Department of Trade and Economic <br />Development. The report shall include the following information: <br />1. The original assessed value of the district; <br />2. The captured assessed value of the district including the amount of any captured <br />assessed value shared with other taxing districts; <br />City of Mounds View TIF District No. 2 Modification 13 1 P a g e <br />