CCP 06-15-1992 - Laserfiche WebLink

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< (.. . Subd, 8. A.....m.nt I,Teem.ntl, An authority may, upon .ntering into a develop- ment or redevelopment agreement pursuant to section 469.176, lubdivision 5, enter into a written assessment agreement in recordable torm with the developer or redeveloper of property within the We increment financing district which e.tabli.he. a minimum market value of the land .nd completed improvements to be con.tructed thereon until a specified tennination date. which date .hall be not later than the date upon which tax increment will no longer be remitted to the .uthority pursuant to section 469.176, subdivision 1. The asses.ment agreement .hall be presented to the county assessor, or city asse..or having the p?wers oC the county ...esaor. oC the juri.diction in which the tax increment financing di5trict is located, The assea.or .hall review the plan. and apeciCicationa for the improvements to be constructed. review the market value previou.ly assigned to the land upon which the improvement.. are to be constructed and, aD long as the minimum market value contained in the assessment agreement appears. in the judgment oC the asse.sor. to be a reasonable estimate. .hall execute the Collowing certification upon the agreement: The undersigned ....es.or. being legally responsible for the as.e..ment oC the above described property upon completion oC the improvements to be con.tructed thereon, hereby certifiea that the market value auiiflld to the land and improvements upon completion .hall not be Ie.. than $. .. . . .. . . .. , Upon transfer of title of the land to be developed or redeveloped Crom the authOrity. the developer or redeveloper, the asses.ment agreement, together with a copy of t .ubdivi.ion, .hall be filed for record and recorded in the office of the county recorder or filed in the office of the regi.trar oC title. of the county where the real e.tate or any part thereoC is .ituated, Upon completion of the improvements by the developer or redevelop- er, the as.eooor ohall value the property pursuant to .ection 273.11, except thot the market value ....igned thereto .hall not be Ie.. than the minimum m.rket v.lue contained in the as.e..ment agreement. Nothing herein .halllimit the discretion oC the a..e..or to ....ign a m.rket value to the property in exce.. of the minimum market value contained in the as.e..ment agreement nor prohibit the developer or redeveloper Crom .eeking, through the exerci.e of administrative and legal remedies. a reduction in market value for property tax purpo.e.; provided, however. that the developer or redeveloper .hall not seek, nor .hall the city a..e..or, the county as.e..or. the county .uditor. any board of review, any board of equalization, the commissioner of revenue, or any court of this state grant a reduction oC the market value below the minimum market value contained in the asae.ament agreement during the tenn of the agreement filed oC record regardle.. of actual market value. which may re.ult Crom incomplete construction oC improvements. destruction or diminution by any cause, insured or uninsured, except in the case of acquisition or reacquisition of the property bya public entity. Recording or filing of nn asse..ment sgreement complying with lhe tenn. of this .ubdivi.ion shsll constitute notice oC the agreement to any .ub.equent purch..er or encumbrancer of the Is"d Or any psrt thereof. whether voluntary or involuntary. ~~d ahall be bindinll' upon them, L . .. -----------------