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1 6 w • EXHIBIT B Section 273.76, Subd. 8. Assessment agreements. An authority may, upon entering into a development or redevelopment agreement pursuant to section 273.75, subdivision 59 enter into a written assessment agreement in recordable form with the developer or redeveloper of property within the tax increment financing district which establishes a Ledi hereo until aket alue of the land and specifted termination completed improvements to be construe date, which date shall be not later than thad t4ese�tion 273.n which75�, subdivision 1.increment gThe no longer be remitted to the authority pursuant assessment agreement shall be presented to the county assessor, or city assessor having the powers of the county assessor, of the jurisdiction in which the tax increment financing district is located. The assessor shall review the plans and specifications for the improvements to be constructed, review the market value previously assigned to the land upon whichthe improvements ed in theassessment agreement and, so long as the minimum market value appears, to the judgment of the assessor, to be a reasonable estimate, sWI execute the following certification upon such agreements The undersigned assessor, being legally responsible for W. i ass MMOnt of the above -described P��c on hereby crty upon ertifies that tha�letion Of �t?�e� et improve- ments to be constructed value assigned to such land and improvements upon completion shall not be less then S Upon transfer of title of the land to be developed or redeveloped from the authority to the developer or redevelops', forrecord mandtr�corded In �oI! e ether with a copy of this subdivision, shall ee filed of the county recorder or filed in the office of the registrar of titles of the county, where the real estate or any part thereoveis er, the assessor sh. Upon ll completion value the improvements by the developer or red property pursuant to section 273.11, except that the market value assigned therlittlined in eto nt shall not be loss than the minimum market vnla� oof the a� sscar to assign 0' agreement, `�Othing herein sht,il limit tl4e discretion market value W , kQ Propertyi11 exee$$ of the minimum market vsilue contained in the asseisment agreement nor prohibit tine developer ne�itre aveloper reduction in s 6t through the exercise of administrativelegal value for property tax pins, provided, howae+ver, thlit tale developer or redevoi- oper shall not seek, nor stall the city assemior, the county $aftssort the county auditor, any board of review, tiny board of equalization, theom i "low the Of revenue or cony court of this st4ite grant a reduction of the market valminimum market value contained in the asMSSm market vent during ringthe term Of h may result the agreement filets of WON regardless of actual from incomplete construction of improvement% destruction or diminution by any cause, Insured or uninsured, except in the case of acquisition or rng of an eacquisition itiion of the property by a public entmttsy•of ent his Recording s bdivisionli,rill constitute notice of the Cumplying with the ter agreement to any subsequent purchaser Or 11cue r binding upon ocor of the lanld or any part thereof, whether voluntary or Involuntary, and E -g