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City of Mounds View TIF Distric t No. 3 Modification 14 | P a g e 4. Repay any loans including interest on these loans; or 5. Return the excess to the County Auditor for redistribution to the respective taxing jurisdictions to proportion to their mill rate. U. Requirement for Agreements with the Developer Pursuant to Minnesota Statutes Section 469.174, Subdivision 10(3), no parcel shall be included within a redevelopment district pursuant to this paragraph unless the authority has concluded an agreement for the development of at least 50% of the acreage having the unusual soil or terrain deficiencies which agreement provides recourse for the City should the development not be completed. V. Assessment Agreements Pursuant to Minnesota Statutes, Section 469.177, Subdivision 8, the City may, upon entering into a development agreement pursuant to Minnesota Statutes Section 469.176, Subdivision 5, enter into an agreement in recordable form with the developer of property within the tax increment financing district which establishes a minimum market value of the land and completed improvements for the duration of the tax increment redevelopment district. The assessment agreement shall be presented to the county assessor who shall review the plans and specifications for the improvements to be constructed, review the market value previously assigned to the land upon which the improvements are to be constructed and so long as the minimum market value contained in the assessment agreement appears in the judgment of the assessor, to be a reasonable estimate, the assessor may certify the minimum market value agreement. W. Administration of the Tax Increment Financing Redevelopment District and Maintenance of the Tax Increment Account Administration of the tax increment financing redevelopment district will be handled by the Office of the Clerk-Administrator. The tax increment received as a result of increases in the assessed value of the tax increment financing redevelopment district will be maintained in a special account separate from all other municipal accounts and expended only upon sanctioned municipal activities identified in the finance plan. (AS MODIFIED NOVEMBER 13, 2000) Administration of the tax increment financing redevelopment district will be handled by the City of Mounds View’s E.D.A. Executive Director. Consistent with Minnesota Statutes, Section 469.177, Subdivision 5, requiring that “tax increment received with respect to any district shall be segregated by the authority in a special account or accounts on its official books and records or as otherwise established by resolution of the authority to be held by a trustee or trustees for the benefit of holders