CC PACKET 07281987 - Laserfiche WebLink

Home Browse Search

• EXHIBIT B .' Minnesota Statutes , Section 273 . 76, Subdivision b ( 1982 ) Sudb . 8 , Assessment agreements . An authority may, upon entering into a development or redevelopment agreement pursuant to section 273 . 75, subdivision 5, enter into a written assessment agreement in recordable form with the developer or redeveloper of property - within the tax increment financing district which establishes a. minimum market value of -the Tana and completed improvements to be constructed thereon until a specified termination date , which date shall be not later than the date upon which tax increment will no longer be remitted to the authority pursuant to section 273. 75, subdivision 1 . The assessment agreement shall be presented to the county assessor , or city assessor having the power-s 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 previously assigned to the land 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 agreer,;ent : The undersigned assessor , being legally responsible for the assessment of the above described property upon completion of the improvements 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 assessment agreement , together with a copy of this subdivision, shall be filed 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 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 redeveloper shall not seek , nor shall the city