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02-01-2006
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02-01-2006
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MV City Council
City Council Document Type
City Council Packets
Date
2/1/2006
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Mounds View Economic Development Authority Tax Increment Financing Plan for Tax Increment Financing District No. 5 2-17 <br />Subsection 2-21. Excess Increments <br />Excess increments, as defined in M.S., Section 469.176, Subd. 2, shall be used only to do one or more of the <br />following: <br />1. Prepay any outstanding bonds; <br />2. Discharge the pledge of tax increment for any outstanding bonds; <br />3. Pay into an escrow account dedicated to the payment of any outstanding bonds; or <br />4. Return the excess to the County Auditor for redistribution to the respective taxing jurisdictions in <br />proportion to their local tax rates. <br />The EDA or City must spend or return the excess increments under paragraph (c) within nine months after <br />the end of the year. In addition, the EDA or City may, subject to the limitations set forth herein, choose to <br />modify the TIF Plan in order to finance additional public costs in the Mounds View Economic Development <br />Project or the District. <br />Subsection 2-22. Requirements for Agreements with the Developer <br />The EDA or City will review any proposal for private development to determine its conformance with the <br />Project Plan and with applicable municipal ordinances and codes. To facilitate this effort, the following <br />documents may be requested for review and approval: site plan, construction, mechanical, and electrical <br />system drawings, landscaping plan, grading and storm drainage plan, signage system plan, and any other <br />drawings or narrative deemed necessary by the EDA or City to demonstrate the conformance of the <br />development with City plans and ordinances. The EDA or City may also use the Agreements to address other <br />issues related to the development. <br />Pursuant to M.S., Section 469.176, Subd. 5, no more than 10 percent, by acreage, of the property to be <br />acquired in the District as set forth in the TIF Plan shall at any time be owned by the EDA or City as a result <br />of acquisition with the proceeds of bonds issued pursuant to M.S., Section 469.178 to which tax increments <br />from property acquired is pledged, unless prior to acquisition in excess of 10 percent of the acreage, the EDA <br />or City concluded an agreement for the development of the property acquired and which provides recourse <br />for the EDA or City should the development not be completed. <br />Subsection 2-23. Assessment Agreements <br />Pursuant to M.S., Section 469.177, Subd. 8, the EDA or City may enter into a written assessment agreement <br />in recordable form with the developer of property within the District which establishes a minimum market <br />value of the land and completed improvements for the duration of the District. The assessment agreement <br />shall be presented to the County Assessor who shall review the plans and specifications for the improvements <br />to be constructed, review the market value previously assigned to the land upon which the improvements are <br />to be constructed and, so long as the minimum market value contained in the assessment agreement appears, <br />in the judgment of the assessor, to be a reasonable estimate, the County Assessor shall also certify the <br />minimum market value agreement. <br />Subsection 2-24. Administration of the District <br />Administration of the District will be handled by the City Administrator.
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