Agenda Packets - 1988/02/22 - Laserfiche WebLink

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S. Notification of Prior Planned improvements Pursuant to Minnesota Statutes Section 469.177, Subdivision 4, the City has reviewed and searched the properties to be included in the tax increment financing redevelopment district and found no properties for which building permits have been issued during the 18 months immediately preceding approval of the tax increment financing plan by the city. If the building 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 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 BY THE CITY COUNCIL. T. Excess Tax Increments Pursuant to Minnesota Statutes, Section 469.176, Subdivision 2,in any year In which the tax increment exceeds the amount necessary to pay the costs authorized by the tax increment plan, including the amount necessary to cancel 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 escrow 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 proportion to their mill rate. U. Requirement for Agreements with the Developer Pursuant to Minnesota Statutes Section 469.174, Subdivision 10(3), no parcel shall be included within a redevelopment district pursuant to this paragraph unless the authority has concluded an agreement for the development of at Iaost o0m of lire ncreage iraviug lire uuusuai soli or terrain deficiencies which agreement provides recourse for the City should the development not be completed. V. Assessment Agreements Pursuant to Minnesota Statutes Section 469.177, Subdivision 8, the City may, upon entering into a development agreement pursuant to Minnesota Statutes Section 469.176, Subdivision 5, enter into an agreement in recordcble 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 11