7.0. SR 01-27-1997 - Laserfiche WebLink

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reviewed the area to be included in District No. 16 and found no properties for which building permits have been issued during the 18 months ilnlnediately preceding approval of the Plan bv the City. If a building permit had been issued within the 18 month period preceding approval of the l~lan by the City, the county auditors shall increase the original tax capacity of the district by the valuation of the improvements for which the building permit was issued. T. EXCESS TAX INCREMENTS Pursuant to Minnesota Statutes, Section 469.176, Subdivision 2, in any year in which the tax increment exceeds the amount necessary to pay the costs authorized by the tax increment plan, including the amount necessary to cancel any tax levy as provided in Minnesota Statutes, Section 475.61, Subdivision 3, the authority shall use the excess amount to do any of the following: prepay the outstanding bonds; discharge the pledge of tax increment therefore; pay into an escrow account dedicated to the payment of such bond; or return the excess to the County Auditor for redistribution to the jurisdictions in proportion to their tax capacity rate. respective taxing The Authority may also modify this Plan to authorize additional costs. U. REQUIREMENT FOR AGREEMENTS WITH THE DEVELOPER The City or Authority will review any Developer's proposal to determine its conformance with the Development Program and with applicable municipal ordinances and codes. To facilitate this effort, the following documents may be requested for review and approval: site plan, construction, mechanical, and electrical system drawings, landscaping plan, grading and storm drainage plan, signage system plan, and any other drawings or narrative deemed necessary by the City or Authority to demonstrate the conformance of the development with city plans and ordinances. Land acquired by the City or Authority may be subject to a Contract for Sale upon disposition to the Developer. The general requirements to be imposed upon the developer by the Contract for Sale are: To redevelop the land purchased in accordance with this plan. To commence and complete the building of improvements on the land within a reasonable period of time as determined by the City or Authority. Not to resell the land before improvements are made without the prior consent of the City or Authority. Not to discriminate on the basis of race, color, sex, creed or national origin on the sale, lease, transfer or occupancy of the land purchased from the City or Authority. The requirements to be imposed upon the Developer and the City's or Authority's exact participation in the project will be negotiated as part of the Redevelopment Agreement between the City or the Authority and the Developer. V. ASSESSMENT AGREEMENTS Pursuant to Minnesota Statutes, Section 469.177, Subdivision 8, the City or Authority may enter into an Tax Increment Financing District No. 16 Page 11-9