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I necessary to pay the costs ' authorized by the tax - increment plan, including the amount necessary to cancel any tax levy as provided in ' nnes to s, 'Section 475.61, Subdivision 3, the City shall use the excess amount to: 10 prepay its outstanding tax increment bonds; 2a discharge the pledge of tax increment therefore; 3e pay into an escrow account dedicated to the payment of such bond; 4i repay any loans including interest on these loans; or return the excess to the County Auditor for redistribution to the respective taxing jurisdictions in proportion to their respective tax capacity prolese in addition, the City may choose to modify the tax increment financing plan in order to promote further development within Development District Noe 1a u. Requirement for Agreements with the Developer Pursuant to Minnesota Statutgs, Section 4 6 9 + 17 6 1 Subdivision 5, no more than 25 percent by acreage of the property to be acquired by the City in the redevelopment district shall be owned by the City as a • result of acquisition with the proceeds of bonds issued pursuant to Section 469.178 'without the City having -prior to acquisition in excess of 25 percent of the acreage, concluded in agreement for the development of the' property acquired and which provides recourse for the City should the development not be completed* v Assessment Agreements Pursuant to Minagsota Statutes, Section 469,177, Subdivision 8i the City may, upon - enterring into a development agreement pursuant to Minnesota S tub , Section 469 *176, Subdivision 5, eater into an agreement in recordable form with the developer of property within the tax increment financing district which establishes a. minimum market value of the .and and completed improvements for the duration of the tax increment redevelopment districto The assessment agreement shall be presented to, the county assessor who shall review the plans and specifications for the improvements to be constructed, review the tax capacity previously assigned to the land upon which the improvements are to be constructed and so long as the minimum tax capacity contained in the k assessment agreement appears in the judgeme'nt o f the assessor, to be a Treasonable estimate the assessor may certify the minimum tax capacity agreement.