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 a property for which a building permit has been issued during the 18 months Immediately preceding approval of the tax increment fhnancing i'an 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. -Permit 887-324, 10/30/87, Valuation $116,203 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 i 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: C1. 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 thase 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 469.176, Subdivision 5, no more than 25 percent by acreage of the property to be acquired by the Cltv in rho redevelopment distrint -hail be ow;,n, by cne City as a result of acquisition with the proceeds of bonds issued pursuant to Section 469.178 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 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 recordable form with the developer of property within the tax increment 11