pf_01483 - Laserfiche WebLink

Home

1. prepay the outstanding bonds; 2. discharge the pledge of tax increment therefore; 3. pay into an escrow account dedicated to the payment of such bond; 4. repay any loans including interest on these loans; or 5• return the excess to the County Auditor for redistribution to the respective taxing jurisdictions in proportion to their mill rate. U. Requirement for Agreements with the Developer Pursuant to _Minnesota Statutes Section 273.75, Subdivision 5, no more that 25 percent by acreage of the property to be acquired by the City in the redevelopment district shall be owned by the City as a result of acquisition with the proceed;3 of bonds issued pursuant to Section 273.7 hout the City having prior to acquisition in excess of 25 percent of the tacreage, concluded an agreement for the development of the property acquired and which provides recourse for the City should the development not be completed. See Section E, Part ll of this Plan for the additional 25% restriction. V. Assessment Agreements Pursuant to Minnesota Statutes Section 273.7 upon enteringinto-a eve�op—ment agreement pu suanv oI Minnesota Ston 8, the atutes Section 273.75, Subdivision 5, enter into an agreement in r'' eco able- 'm with the developer of property within the tax increment financing district which establishes a minimum market value of the land and completed improvements for the duration of the tax increment redevelopment district. The assessment agreement shall be presented to the county assessor who shall review the plans and specifications for the improvements to be constructed, review the market value previously assigned to the land upon which the improvements are to be constructed and so long as the minimum market value contained in the assessment agreement appears in the Judgment of the assessor, to be a reasonable estimate, the assessor may certify the minimum market value agreement. W. Administration of the Tax Increment Financing Redevelopment District and Maintenance of the Tax Increment Account Administration of the tax increment financing redevelopment district will be handled by the Office of the CIty Manager. The tax increment received as a result of increases In the assessed value of the tax increment financing redevelopment district will be maintained in a special account separate from all other municipal accounts and expended only upon sanctioned municipal activities identified in the finance plan. 13