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City of Mounds View TIF District No. 1 Modification 23 | P a g e <br /> <br />1. prepay the outstanding bonds; <br /> <br />2. discharge the pledge of tax increment therefore; <br /> <br />3. pay into an escrow account dedicated to the payment of such bond; <br /> <br />4. repay any loans including interest on these loans; or <br /> <br />5. return the excess to the County Auditor for redistribution to the respective taxing <br />jurisdictions in proportion to their tax capacity rate. <br /> <br />U. Requirement for Agreements with the Developer <br /> <br />Pursuant to Minnesota Statutes Section 273.75, Subdivision 5, no more that 25 percent by <br />acreage of the property to be acquired by the City in the redevelopment district shall be <br />owned by the City as a result of acquisition with the proceeds of bonds issued pursuant to <br />Section 273.77 without the City having prior to acquisition in excess of 25 percent of the <br />acreage, concluded an agreement for the development of the property acquired and which <br />provides recourse for the City should the development not be completed. <br /> <br />(AS MODIFIED JUNE 12, 1989) <br /> <br />Pursuant to Minnesota Statutes Section 469.176, Subdivision 5, no more that 25 percent by <br />acreage of the property to be acquired by the City in the redevelopment district shall be <br />owned by the City as a result of acquisition with the proceeds of bonds issued pursuant to <br />Section 273.77 without the City having prior to acquisition in excess of 25 percent of the <br />acreage, concluded an agreement for the development of the property acquired and which <br />provides recourse for the City should the development not be completed. <br /> <br />V. Assessment Agreements <br /> <br />Pursuant to Minnesota Statutes Section 273.76, Subdivision 8, the City may, upon entering <br />into a development agreement pursuant to Minnesota Statutes Section 273.75, Subdivision <br />5, enter into an agreement in recordable form with the developer of property within the tax <br />increment financing district which establishes a minimum market value of the land and <br />completed improvements for the duration of the tax increment redevelopment district. The <br />assessment agreement shall be presented to the county assessor who shall review the plans <br />and specifications for the improvements to ·be constructed, review the market value <br />previously assigned to the land upon which the improvements are to be constructed and 50 <br />long as the minimum market value contained in the assessment agreement appears in the <br />judgment of the assessor, to be a reasonable estimate, the assessor may certify the <br />minimum market value agreement. <br /> <br />(AS MODIFIED JUNE 12, 1989) <br /> <br />Pursuant to Minnesota Statutes Section 469.176, Subdivision 8, the City may, upon <br />entering into a development agreement pursuant to Minnesota Statutes Section 469.177,