CCP 06-15-1992 - Laserfiche WebLink

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< c . Subd. 8. A.....m.nl allTeem.nl.l. An authority may, upon entering into a develop- ment or redevelopment agreement pursuant to section 469.176, subdivision 5, enter into a written assessment agreement in recordable form with the developer or redeveloper of 1J'!'Operty within the tax increment financing district which establishes a -minimum market value olthe land and completed improvementa to be constructed thereon until a epecified termination date, which date shall be not later than the date upon which tax increment will no longer be remitted to the authority purauant to section 469.176, subdivision 1. The a..e..ment agreement ahall be preaented to the county asaes.or, or city as.e.sor having the ~wers of the county assessor, of the jurisdiction in which the tax increment {inancing district is located. The as.essor shall review the plans and .pecifications for the improvements to be con.tructed, review the market value previou.ly as.igned to the land upon which the improvementa are to be constructed and, .0 long as the minimum market value contained in the .......ment agreement appears, in the judgment of the assessor, to be a reasonable eetimate, ehall execute the following certification upon the agreement: The undersigned ...essor, being legally responsible for the as.es.ment of the above described property upon completion of the improvements to be con.tructed thereon, herehy certifiea that the market value a..il{Tlod to the land and improvements upon compl~tion shall not be le88 than $... . . . . . . .. . Upon transfer of title of the land to be developed or redeveloped from the authOrity. the developer or redeveloper, the ..sessment agreement, together with a copy of th .ubdivision, ehall be filed for record and recorded in the office of the county recorder or filed in the office of the regi.trar of title. of the county where the real estate or any part thereof is .ituated. Upon completion of the improvements by the developer or redevelop- er, the asses80r shall value the property pursuant to section 273.11, except that the market value ..signed thereto shall not be le.s than the minimum market value contained in the assessment agreement. Nothing herein shall limit the discretion of the assessor to ...ign a market vslue to the property in exce.. of the minimum market value contained in the assessment agreement nor prohibit the developer or redeveloper from .eeking, through the exercise of administrative and legal remedie., a reduction in market value for property tax purposes; provided, however, that the developer or redeveloper shall not seek, nor shall the city ...essor, the county assessor, the county auditor, any board of review, any board of equalization, the commissioner of revenue, or any court of this state grant a reduction of the market value below the minimum market value contained in the asseasment agreement during the tenn of the agreement filed 0/ record regardless of actual market values which may result from incomplete construction of improvements, destruction or diminution by any cause, insured or uninsured, except in the case of acquisition or reacquisition of the property by a public entity. Recording or filing of an assessment agreement complying with the tenns of this subdivision .hall CO""titute notice of the agreement to any aubsequent purch..er or encumbrancer 0/ the lard or any part thereot, whether voluntary or involuntary, and shall be bindini' upon them. L . ~--