Agenda Packets - 1987/12/14 - Laserfiche WebLink

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r— EXHIBIT B SectloqkgL.177t Subd. 8. Assessment agreements. An authority may, upon entering Into a development or redevelopment agreement pursuant to section 489.176 subdivision 5, enter into a written assessmer* agreement In recordable form with he developer or redeveloper of property within the tax Increment financing district which establishes a minimum market value of the land and completed Improvements to be constructed thereon until a specified termination date, which date shall be not later than the date upon jYhIch tax Increment will no longer be remitted to the authority pursuant to sectlorOL69.178A subdivision 1. The assessment agreement shall be presented to the county assessor, or city assessor having the powers of the county assessor, of the jurisdiction in which the tax Increment financing district Is located. The assessor shall review the plans and specifications for the Improvements to be constructed, review the market value previmisly usigned to the laud 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 of the assessor, to be a reasonable estimate, shall execute the following certification upon such agreement: The undersigned assessor, being legally responsible for the assessment of the above -described property upon completion of the Improve- ments to be constructed thereon, hereby certifies that the market value assigned to such land and improvements upon completion shall not be less than $ _ Upon transfer of title of the land to be developed or redeveloped from the ` authority to the developer or redeveloper, such essessmert agreement, together with a copy of this subdivision, shall be fi'.ed for record and recorded in the office of the county recorder or filed In the office of the registrar of titles of the county where the real estate or any part thereof is situated. Upon completion of the improvements by the developer or redeveloper, the assessor shall value the property pursuant to Section 273.11, except that the market value assigned thereto shall not be less than the minimum market value contained in the assessment agreement. Nothing herein shall limit the discretion of the assessor to assign a market value to the property In excess of the minimum market value contained in the assessment agreement nor prohibit the developer or redeveloper from seeking, through the exercise of administrative and legal remedies, a reduction In market value for property tax purposes; provided, however, that the developer or redevel- oper shall not seek, nor shall the city assessor, the county assessor, the county auditor, any board of review, any board of equalization, the commissioner of revenue or any court of this state grant a reduction of the market value below the minimum market value contained in the assessment agreement during the term of the agreement filed of record regardless of actual market values which may result from incomplete construction of Improvements, destruction or diminution by any cause, Insured or uninsured, except In the case of acquisition or reacquisition of the property by a public entity. Recording or filing of an assessment agreement complying with the terms of this subdivision shall constitute notice of the agreement to any subsequent purchaser or encumbrancer of the land or any part thereof, whether voluntary or involuntary, and stiall be binding upon them. C-6