5.0. HRSR 11-25-1996 - Laserfiche WebLink

Home Browse Search

• 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: 1. To redevelop the land purchased in accordance with this plan. 2. To commence and complete the building of improvements on the land within a reasonable period of time as determined by the City or Authority. 3. Not to resell the land before improvements are made without the prior consent of the City or Authority. 4. 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 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 the tax increment district. 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. W. ADMINISTRATION OF DISTRICT AND MAINTENANCE OF THE TAX INCREMENT ACCOUNT Administration of District No. 16 will be handled by the Executive Director of the Authority. The tax increment received as a result of increases in the tax capacity of District No. 16 will be maintained in a special fund separate from all other municipal funds and expended only upon sanctioned municipal activities identified in the tax increment financing plan. •