4.5. SR 08-28-2000 - Laserfiche WebLink

Home Browse Search

permit had been issued within the 18 month period preceding approval of the plan 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 City shall use the excess amount to do any of the following: 2. 3. 4. 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 respective taxing jurisdictions in proportion to their tax capacity rate as provided in Minnesota Statutes, Sections 469.176, Subdivision 2. The City may also modify this Plan to authorize additional costs within 5 years of date of certification. U. REQUIREMENT FOR AGREEMENTS WITH THE DEVELOPER The City 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 to demonstrate the conformance of the development with City plans and ordinances. The City may use the Agreement to address other issues related to the development. The requirements to be imposed upon the Developer and the City's exact participation in the project will be negotiated as part of the development Agreement between the City and the Developer. V. ASSESSMENT AGREEMENTS Pursuant to Minnesota Statutest Section 469.177, Subdivision 8, the City may enter into an agreement in recordable form with the owner of property within the tax increment financing district which establishes a minimum market value of the land and improvements for the duration of District No. 21. The assessment agreement shall be presented to the county assessor who shall review the plans and specifications for the improvements constructed, review the market value assigned to the land upon which the improvements have been or will be constructed and, so long as the minimum market value contained in the assessment agreement appear, in the judgment of the assessor, to be a reasonable estimate, the assessor may certify the minimum market value agreement. Tax Increment Ymancing District No. 21 Page II-9