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demoiition and relocation, site preparation, and administration. Remaining increment funds will be used for <br />City administratian {up to 10 percent) and for tl�e costs o�public improvement activities outside the District. <br />Subsect�on 2-21. Excess lncrements <br />Excess increrz�ents, as defned in M.S., Section 469.176, Subd. 2, shall be used only to do one or more ofthe <br />following: <br />1. Prepay any outstanding bonds; <br />2. Discharge the pledge of t� increment for any oufstanding bonds; <br />3. Pay into an escrow account dedicated to the payment of any outstanding bonds; or <br />4. Return the excess to the County Auditor for redisiribution to the respective taxing jurisdictions in <br />proportion to their local tax rates. <br />The City must spend or return the excess increments under paragraph (c) within nine months afier the end <br />of the year. In additian, the City may, subject to the limitations set forth herein, choose to modify the '£IF <br />Plan zn order #o finance additional public costs in Developmen# District No. 1 or the District. <br />Sabsection 2-22. Requirements for Agreements with the De�eloper <br />The City will review any proposal far pri�ate development to determine its conformance with the <br />Development Program and with applicable municipal ordinances and codes. To faciIitate this effort, the <br />foIlowing documents may be requested for re�iew and appraval: site plan, construction, mechanical, and <br />electrical system drawings, landscaping plan, grading and storm drainage plan, signage system plan, and any <br />other drawings or narrative deemed necessary by the City to derr►onstzate the conformance ofthe development <br />with City plans and ordinances. The City may also use the Agreements to address other issues reiated to the <br />development. <br />Pursuant to M.S., Section 469.17b, Subd. S, no rriore than 2S percent, by acreage, of the property to be <br />acquired in the District as set forth in the TIF Plan shall at any ti�ne be owned by the City as a resuit of <br />acquisition wi#h the proceeds of bonds issued pursuant to M. S., Sectzon 469178 to which tax increments from <br />property acquired is pledged, unless przor to acquisition in excess of 25 percent of the acreage, the City <br />concluded an agreement for the development or rede�elopment of the property acquired and which provic�es <br />recourse for the City should the de�elopment or redevelopment not be cornpleted. <br />Subsection 2-23. Assessment Agreements <br />Pursuant to M.S., Section 469.177, S'ubd. 8, the City �nay enter into a written assessment agreement in <br />recordable form with the developer ofproperty within the District w�ich establishes a minimum market value <br />ofthe land aad completed impro�ements for the duration ofthe District. The assessment agreement shall be <br />presented to the County Assessor who shall review the plans and specifications for the impravements to be <br />constructed, review tk►a market value previously assigned to the iand upon which ti�e improvements are to be <br />constructed and, so long as the minimum market �alue contained in the assessment ageement appears, in the <br />judgment of the assessor, to be a reasonable estimate, the County Assessor shall also certify the �r►inimum <br />market value agreement. <br />Subsection 2-24. Adminis#ration af the Disfrict <br />Administration of the District will be hat�dled by the City Adrninistrator. <br />City of Arden Hills Tax Increment financing Plan for71F bistrict No. 4 2-12 <br />