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u <br />V0 <br />W <br />X* <br />5 return the excess to the County Auditor for <br />redistribution to the respective taxing <br />jurisdictions in proportion to their respective <br />tax capacity roles. <br />I <br />In addition, the city may choose to modify the tax increment <br />financing plan in order to promote further development <br />within Development District No. 1. <br />Requirement for Agreements with the Developer <br />Pursuant to Minnesota Statutes, Section 459.176, Subdivision <br />5, no more than 25 percent by acreage of the property to be <br />acquired by the city in the redevelopment district shall be <br />owned by the city as a result of acquisition with the <br />proceeds of bonds issued pursuant to Section 469.178 without <br />the city having prior to acquisition in excess of 25 percent <br />of the acreage, concluded in agreement for the development <br />of the property acquired and which provides recourse for the <br />City should the development not be completedO <br />Assessment Agreements <br />Pursuant to Minnesota,. Statutes, Section 469.177, Subdivision <br />81 the city may, upon entering into a development agreement <br />pursuant to Minnesota Statutes, Section 469.175, Subdivision <br />S, enter into an agreement in recordable form with the <br />developer of property within the tax increment financing <br />district which establishes a minimum tax capacity of the <br />land and completed improvements for the duration of the tax <br />increment redevelopment district. The assessment agreement <br />shall be presented to the county assessor who shall review <br />the plans and specifications for the improvements to be <br />constructed, review the tax capacity previously assigned to <br />the land upon which the improvements are to be constructed <br />and so lone as the minimum tax capacity contained in the <br />assessment agreement appears in the judgement of the <br />assessor, to be a reasonable estimate, the assessor may <br />certify the minimum tax capacity agreement. <br />Administration of Tax Increment Financing District No. 1 <br />and Maintenance of the Tax Increment Account <br />Administration of Tax Increment Financing District No. 12 <br />will be handled by the office of the city Manager. <br />The tax increments received as a result of increases in the <br />tax capacity of Tax Increment Financing District Mo. 12 will <br />be maintained in a special account separate from all other <br />municipal accounts expended only upon sanctioned municipal <br />activities identified in this tax increment financing pi an <br />Annual Disclosure Requirements <br />