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'_ , <br />• <br />• <br />U. <br />V. <br />W. <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 />In addition, the City may choose to modify the <br />financing plan in order to pr�omote furthe <br />within Development District No. 1. <br />Requirement for Agreements with the Developer <br />tax increment <br />r development <br />Pursuant to Minnesota Statutes, Section 469.176, 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 �he acreage, concluded in agreement for the development <br />of the property acquired anc� which provides recourse for the <br />City should the development not be completed. <br />Assessment Agreements <br />Pursuant to Minnesota Statutes, Section 469.177, Subdivision <br />8, tk�e City may, upon entering into a development agreement <br />pursuant to Nfinnesota Statutes, Section 469.176, Subdivision <br />5, enter into an agreemer.t �n recordable form with the <br />developer of property within the tax increment financing <br />district which establishes a minimum tax capaci�y of the <br />land and completed improvements for the durat�.on of the ta�c <br />increment redevelopmen� 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 long as the minimum tax capacity contained in the <br />assessment agreemerit appears in the judgement of the <br />assessyr, to be a reasonable estimate, the assessor may <br />certif the minimum tax capac�.ty agreement. <br />Administration of Tax Increment Financinc� District No, 12 <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 No. 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 plan. <br />� X. Annual Disclosure Requirements <br />