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City of Roseville,, Minnesota
<br />T'h�e City an�ticipates en�terin�g into an agreemen�t for d�eveloIpmen�t, but d�oIes n�oIt an�ticipate acquirin�g an�y proIperty
<br />loa2te,,O w fte 7'1 F District.
<br />Section Y Assessment Agreements
<br />T'h�e City may, upon en�terin�g in�to, a development agreement, also, en�ter in�to, an assessmen�t agreemen�t with th
<br />developer, which establish�es a min�imum market value of the land and improlvemen�ts for each year d�urin�g the life
<br />ft- 71FDistrict.
<br />T'h�e assessmen�t agreemen�t sh�all be presented to, the Colun�ty Assessor wh�ol sh�all review the plans and specifications
<br />for the improlvemen�ts to, be coin�structed�, review the market value previolusly assigned to, the lan�d�, and so, loin�g as the
<br />min�imum market value contained in the assessmen�t agreemen�t appears to, be an accurate estimate, sh�all certify the
<br />assessmen�t agreemen�t as reasoin�able. T'h�e assessmen�t agreemen�t sh�all be filed for record in the oiffice of the
<br />Colun�ty Recoird�er of each colun�ty wh�ere the prolperty is loicated�. Any modification or premature termination of th�is
<br />agreemen�t must first be approved by the City, County, and Schooll District.
<br />III,, 414f' 11 IF 1111iiII111 1=1171-3
<br />Section Z Modifications of the Tax Increment Financing Plan
<br />Any reduction or enlargement in the geolgraph�ic area of the Project Area or the T'IF'District, increase in the amolunt
<br />bonded ind�ebted�ness to, be incurred�, increase in th�at portion of the captured net tax capacity to, be retained by th
<br />City, increase in the total estimated public costs, or designation of ad�d�itiolnal prolperty to, be acquired by the City sh�a
<br />3
<br />be approved oinly after satisfying all the necessary requirements for approval of the oiriginal TIF'Plan. T'h�is paragrap
<br />d�•le olt apply
<br />(1) the oinly modification is elimination of parcels from the T'IF'District; and
<br />(2) the current n�et tax capacity • the parcels eliminated equals • e eed e n�e apacity •
<br />th�olse parcels in the TIF District's oirigin�al n�et tax capacity, or the City agrees th�at the TIF District's
<br />oirigin�al n�et tax capacity will be reduced by no more than the curren�t n�et tax capacity of the parcels
<br />elinii,2te,4.
<br />T'h�e City must notify the Colunty Aud�itoir of any modification th�at red�uces or enlarges the geolgraph�ic area of the TIF
<br />District. T'h�e geolgraph�ic area of the TIF District may be red�uced�, but nolt enlarged after five years following the d�ate
<br />• certifica&'w, i.
<br />Section AA Administration of the Tax Increment Financing Plan
<br />Upon adoption of the TIF Plan, the City sh�all submit a copy of such plan to, the M�innesolta Department of Revenue.
<br />T'h�e City sh�all also, request th�at the Colunty Aud�itoir certify the oiriginal net tax capacity and net tax capacity rate olfth�e
<br />TIF District. To, assist the Colunty Aud�itoir in th�is proicess, the City sh�all submit colpies of the TIF Plan, the resolution
<br />establish�ing the TIF District and ad�olpting the TIF Plan, and a listing of any prior planned improlvements. T'h�e City
<br />sh�all also, send the Colunty Assessor any assessment agreement establish�ing the minimum market value of land and
<br />improlvements in the TIF District, and sh�all request th�at the Colunty Assessor review and certify th�is assessmen,1111
<br />agreement as re aso e.
<br />T'h�e Colun�ty sh�all d�istribute to, the City the amolun�t of tax in�cremen�t as it becolmes available. T'h�e amolun�t of ta
<br />in�cremen�t in an�y year rep e applicable prolpe e generated by the retained captured e apacity
<br />the TIF District. T'h�e amolun�t of tax in�cremen�t may ch�an�ge d�ue to, development anticipated by the TIF Plan, oth
<br />development, inflation of prolperty values, or ch�an�ges in prolperty classification rates or formulas. In ad�min�isterin�g an
<br />implemen�tin�g the TIF'Plan, the following actioln�s should occur on an an�n�ual basis: •
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