Laserfiche WebLink
EXHIBIT B <br />Section 469.177, Subd. 8. Assessment Agreements. An <br />authority may, upon entering into a development or <br />redevelopment agreement pursuant to section 469.176, <br />subdivision 5, enter into a written assessment agreement in <br />recordable form with the developer or redevelcper of <br />property within the tax increment financing district which <br />establishes a minimum market value of the land and completed <br />improvements to be constructed thereon until a specified <br />termination date, which date shall not be later than the <br />date upon which tax increment will no longer be remitted tc <br />the authority pursuant to section 469.176, subdivision 1. <br />The assessment agreement shall be presented to the county <br />assessorassessorsocity <br />Jurisdiction having assessor n owthe count <br />which the tax incrementy <br />financing district is located. The assessor shall review <br />the plans and specifications for the improvements to be <br />constructed, review the market value previously assigned to <br />the land upon which the improvements are to be constructed <br />and, so long as the minimum market value contained r the <br />assessment agreement appears, in the judgment of the <br />assessor, to be a reasonable estimate, shall execute the <br />following certification upon such agreement: <br />The undersigned assessor, being legally <br />responsible for the assessment of the <br />above described property upon completion <br />of the improvements to be constructed <br />thereon, hereby certifies that the <br />market value assigned to such land and <br />improvements upon completion shall not <br />be less than $1,875,100.00. <br />Upon transfer of title of the land to be developed or <br />redeveloped from the authority to the developer or <br />redeveloper, such assessment agreement, together with a copy <br />Of this subdivision, shall be filed for record and recorded <br />in the office of the county recorder or filed in the office <br />of the registrar of titles of the county where the real <br />estate or any part thereof is situated. Upon completion of <br />the improvements by the developer or redeveloper, the <br />assessor shall value the property pursuant to Section <br />273.11, except that the market value assigned thereto shall <br />not be less than the minimum market value contained in the <br />assessment agreement. Nothing herein shall limit the <br />discretion of the assessor to assign a market value to the <br />property in excess of the minimum market value contained in <br />