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5. return the excess to the County Auditor for <br />• redistribu�ion to the respective taxing <br />jurisdictions in propor�ion to th�ir respective <br />tax capacity roles. ' <br />� <br />U. <br />V. <br />W. <br />In addition, the C�ty may choose to modify the <br />iinanci�g plan in �rder to promote furthe <br />within Development District No. 1. <br />Requirement for Agr�ements �ith the Aeveloper <br />tax incremen� <br />r development <br />Purs�a�t to Mxnnesota Statutes, Sectinn 469.176, Subdfvision <br />5, no more than 25 percent by acreage of the property to be <br />acquired by ihe City in the re�evelopment �i�trict shall be <br />owned by �he Ci�y as a result of acquisition with the <br />pro�eeds of bo�ds issued pursuan� ta Sectxo� 969.178 without <br />the City having prior to �cquisition in exces� of 25 percent <br />of �he acrea�e, concluded in agr�ement for the developm�nt <br />of the pxap�rty acquired and which provides recourse for the <br />City should the dedelopment no� be compl�ted. <br />Assessment AgrE�ments <br />F�rsu�nt to Minnesot� Sta��tes, Saction 469.177, Subdivision <br />�, the City m�y, upon entQring into a development agreement <br />pur�uant to � nn��o�a Stat�te�, Section 469e176, Subdivisian <br />5, e�t�r intio �n agr�ement in record�bZo form �ith th� <br />dQ��1Qp�r of pr�perty with�n the t�x i��r�me�t �inancinq <br />district which est�bli�hes � minimum tax c��acity Q� t�e <br />land and �omplet�d improvements For the duration of tha ��x <br />increm�nt redev��opm�nt district. The assess�ent agre�m@nt <br />sha�l be pres�nte� to the county a�ses�o� who shall �eview <br />the plans and speciFications �ar th� impravem�nts to be <br />construct�d, review the tax cap�city Prev�ously assign�d to <br />�he land upon which the im�rov�m�nts are tn be cons�ructed <br />and so long as the minimum tax caPacity con�ain�d in the <br />ass�ssme�t agr�ement apg�ars i� t�e judg�m�nt of the <br />assessor, to b� a r�asonable ast�mate, thQ assessor may <br />c�rtify �hQ minimum tax c$p�city agr�em�nt. <br />Administ��tion of Tax Increment Financin� Qistrict No. 12 <br />�nd Maint�nance of the Tax Incx�ment Account <br />Administra��on of Tax Incrament Financing District No. 12 <br />will b� handled by the Offic� of the City Mat��ger. <br />Th� tax incr�m��t� recei�ed �s � r�sult of i����ases in the <br />tax capacity of Tax Increment Financing District No. 12 will <br />be maintained in a sp�cial account separate from a11 oth�r <br />municipal accounts expended only upon sanctioned municipal <br />activiti�s identified in this tax increment financing pl�n. <br />� X. Annual Disclosure Requirem�nts <br />