2007.03.19 EDA Packet - Laserfiche WebLink

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City of Hugo, Minnesota 2003121310022 14235 Forest Blvd N 8/22/2006 52,000.00 2006-01665 2003121310007 14497 Forest Blvd N 9/28/2006 1,000.00 2006-01833 2003121240026 573714Th St N 8/22/2006 2,000.00 2006-01664 2003121240026 573714Th St N 9/12/2006 1,200.00 2006-01758 2003121240025 5697147'"St N 9/12/2005 2,000.00 2005-02643 2003121240026 5737 1471h St N 11118/2005 10,000.00 2005-03503 2003124240026 573714Th St N 10118/2005 2,000.00 2005-03140 2003121330071 5448140'h St The Authority will accompany its request for certification to the County Auditor(or notice of district enlargement),with a listing of such properties within the TIF District for which building permits have been issued during the 18 months immediately preceding approval of the TIF Plan. The County Auditor shall increase the original net tax capacity of the TIF District by the net tax capacity of each improvement for which a building permit was issued. However the Authority does not believe the issuance of the permits will have a significant impact on the original net tax capacity of the District. Section X Development Agreements If within a project containing a redevelopment district, more than 25%of the acreage of the property to be acquired by the City is purchased with tax increment bonds proceeds(to which tax Jncrement from the property is pledged), then prior to such acquisition, the City must enter intoan agreement for the development of the property. Such agreement must provide recourse for the City should the development not be completed. The City anticipates entering into individual agreements for development as projects occur, and anticipates acquiring property located within the TIF District..; Section Y Assessment Agreements The City may, upon entering into a development agreement, also enter into an assessment agreement with the developer, which establishes a minimum market value of the land and improvements for each year during the life of the TIF District. The assessment agreement shall be presented to the County or City Assessor who shall review the plans and specifications for the improvements to be constructed, review the market value previously assigned to the land, and so long as the minimum market value contained in the assessment agreement appears to be an accurate estimate, shall certify the assessment agreement as reasonable. The assessment agreement shall be filed for record in the office of the County Recorder of each county where the property is located. Any modification or premature termination of this agreement must first be approved by the City,County and School District. The City reserves the right to enter into an assessment agreement for individual projects. Section Z Modifications of the Tax Increment Financing Plan Any reduction or enlargement in the geographic area of the Project Area or the TIF District; a determination to capitalize interest on the debt if that determination was not part of the original TIF Plan, increase in the portion of the captured net tax capacity to be retained by the Authority; increase in the total estimated public costs;or designation of property to be acquired by the Authority shall be approved only after satisfying all the necessary requirements for approval of the original TIF Plan. This paragraph does not apply if: (1) the only modification is elimination of parcels from the TIF District; and SPRINGSTED Page 13