Laserfiche WebLink
• Pursuant to Minn�sota Statutes, Section 469.176, Subdivision <br />2, in any y�ar in which the tax increment exceeds the amount <br />necessary t� pay the costs authorized by the tax incr t <br />� <br />� <br />U, <br />V. <br />emen <br />plan, including the amount necessary to cancel any tax levy <br />as provided in Minnesota Statutes, Section 475.61, <br />Subdivision 3, the City shall use the excess amount to: <br />1. prepay its outstanding tax increment bonds; <br />2. discharge the �ledge of tax increment therefore; <br />3. pay into an escrow account dedicated to thQ <br />payment of such bond; <br />4. repay any loans including interest on these loans; <br />or <br />5. return th� excess to the County Auditor far <br />redistribution to the respective taxing <br />jurisdictions in proportion to their resp�ecti�e <br />tax capacity rates. <br />In addi�ion, the City may choose to modify the tax increment <br />financing plan in order to promo`te further development <br />within Development Distric� No. l. <br />Requirement for Agreemen�s w�,th the Developer <br />Pursuant to M�nnesota statutes, Sectior� �b9.176, Subd�vision <br />5, no »ore �han 25 percen� by acreage of th� property to be <br />a�quired b�► the �City i�n the redevelopment distric�t shall be <br />owned by the City as a�esult of acc�uisi��on with the <br />�roceeds og bonds issued pux�suant to S�ction a69.178 without <br />the City �aving Qrior to �c�uisi�ion in excess of 25 percent <br />of �tY�e acreac�e, conclud���d in agre�ment far the develop�nenl� <br />of the praper�y acqufred and which provides recours� for <br />the Ci�y should the development not be completed. <br />Assessment Agreements <br />Pursuant to I��nnesota S�atut�4, Section 469.177, Subdivisian <br />�, the City may, upon �nt�ring into a development agr�ement <br />pursuant to ��n�nesata Statutes, Sec�ion 469.176, Subdivision <br />5, enter into an agreement in recordable form with the <br />dev��e��r of groperty within ti�e t�x :�ncrement financi�ng <br />d�.stract which establishes a minimum tax cap�city of the <br />land and completed im�rovements for the c�uratian of the tax <br />increment red�ve�apme»t distric�. The assessanent agr�ement <br />shall be presented to the cou�ty assesso� who s�all review <br />the plans and specificatior�s for the improvements to be <br />eonstructed, r�view the tax capacity previous�y assigned to <br />the land upon which the improvements are tc� be constructed <br />and s4 lo�� as the minimum tax capacity contained in the <br />