Agenda Packets - 1986/10/06 - Laserfiche WebLink

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permit had been Issued within the 18 month period preceding approval of the tax increment financing plan by the city, the county auditor shall Increase the original assessed value of the district by the assessed valuation of the improvements for which the building permit was Issued, excluding the e assessed valuation of Improvements for which a building permit was Issued during the three month period immediately preceding said approval of the tax increment financing plan, as certified by the assessor. Excess Tax increments Pursuant to Minnesota Statutes, Section 273.75, Subdivision 2, in any year In whie the tax Increment exceeds the amount necessary to pay the costs authorized by the tax increment plan, Including the amount necessary to enneel any tax levy as provided in Minnesota Statutes, Section 475.61, Subdivision 3, the City shall use the excess amount to: 1. prepay the outstanding bonds; 2. discharge the pledge of tax increment therefore; 3. pay into an eserow account dedicated to the payment of such bond; 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 in prorortfon to their mill rate. U. Requirement for Agreements with the Developer i Pursuant to Minnesota Statutes Section 273.75, Subdivision 5, no more that 25 percent by screage of the property to be acquired by the City in the redevelopment district shall be owned by the City as a result of acquisition with the proceeds of bonds Issued pursuant to Section 273.77 without the City having prior to acquisition in excess of 25 percent of the acreage, concluded an agreement for the development of the property acquired and which provides recourse for the City should the development not be completed. V. Assessment Agreements Pursuant to Minnesota Statutes Section 273.75, Subdivision 8, the City may, upon entering into -it development agreement pursuant to Minnesota Statutes Section 213.75, Subdivision 5, enter into an agreement in recordable form with the developer of property within the tax increment financing district which estabiishc- 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 he 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 or the assessor, to be a reasonable estimate, the assessor may certify the minimum market value agreement. 12