10-03-2012 - Laserfiche WebLink

Home Browse Search

City of Mounds View TIF District No. 1 Modification 24 | P a g e 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 50 long as the minimum market value contained in the tax capacity 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 City 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 handles 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 of the bond,” the EDA will account for all increment for all increment from the Tax Increment Districts in one or more accounts and subaccounts, including the ability where deemed appropriate to establish one or more accounts for the proper accounting and implementation of the Tax increment Financing Districts and the portion of the Project to be financed directly or indirectly with tax increment. The right to make appropriate transfers i n and out of such accounts is hereby reserved, along with the right to make both external and internal interest bearing borrowings, whether long term or short term, including transfers from other City or EDA funds to cash flow tax increment obligations and other legitimate expenditures. X. Annual Disclosure Requirements Pursuant to Minnesota Statutes, Section 273.14, Subdivision 6, an authority must file an annual disclosure report for all tax increment financing districts. The report shall be filed with the school board, county board, and governing body of the municipality, if the authority is not the municipality, and the State Auditor. The report shall include the following information: