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financing district which establishes a minimum market value of the land and <br />completed improvements for the duration of the tax increment <br />redevelopment district. The assessment agreement shall be presented to the <br />county assessor who shall review the plans and specifications for the <br />Improvements to be constructed, review the market ve'je previously <br />ass'.gned to the land upon which the improvements are to be constructed and <br />so long as the minimum market va,ue contained in the assessment <br />agreement appears in the judgment of the assessor, to be a reasonable <br />estimate, the assessor may certify the minimum market value agreement. <br />W. Administration of the Tax Increment Financing Redevelopment District and <br />Maintenance of the Tax Increment Account <br />Administration of the tax increment financing redevelopment district will <br />be handled by the Office of the City Clerk -Administrator. <br />The tax increment received as a result of increases in the assessed value of <br />the tax increment financing redevelopment district will be maintained in a <br />special account separate from all other municipal accounts and expended <br />only upon sanctioned municipal activities identified in the finance plan. <br />X. Annual Disclosure Requirements <br />Pursuant to Minnesota Statutes, Section 469.175, Subdivision 5, an authority <br />must file an annual disclosure report for all tax increment financing <br />districts. The report shall be filed with the school board, county board and <br />the Minnesota Department of Trade and Economic Development. The report <br />shall include the following information: <br />1. The original assessed value of the district; <br />2. The captured assessed value of the district, including the amount of <br />any captured assessed value shared with other taxing districts; <br />3. The outstanding principal amount of bonds issued or other loans <br />Insured to finance project costs in the district; <br />4. For the reporting period and for the duration of the district, the <br />amount budgeted under the tax increment financing plan, and the <br />actual amount expended for, at least, the following categories: <br />a. Acquisition of land and buildings through condemnation or <br />purchase; <br />b. Site improvements or preparation costs; <br />C. Installation of public utilities or other public improvements; <br />d. Administrative costs, including the allocated cos: of the <br />authority. <br />5. For properties sold to developers, the total cost of the property to <br />the authority and the price paid by the developer; <br />1H <br />