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EXHIBIT B <br /> • <br /> Section 469 . 177 Subd. 8. Assessment Agreements . A City may, <br /> upon entering into a development or redevelopment agreement <br /> pursuant to Section 469 . 176, Subdivision 5, enter into a written <br /> assessment agreement in recordable form with the developer or <br /> redeveloper of property within the tax increment financing <br /> district which establishes a minimum market value of the land and <br /> completed improvements to be constructed thereon until a <br /> specified termination date, which date shall be not later than <br /> the date upon which tax increment will no longer be remitted to <br /> the City pursuant to Section 469 .176, Subdivision 1 . The <br /> assessment agreement shall be presented to the county assessor, <br /> or city assessor having the powers of the county assessor, of the <br /> jurisdiction in which the tax increment financing district is <br /> located. The assessor shall review the plans and specifications <br /> for the improvements to be constructed, review the market value <br /> previously assigned to the land upon which the improvements are <br /> to be constructed and, so long as the minimum market value <br /> contained in the assessment agreement appears, in the judgment of <br /> the assessor, to be a reasonable estimate, shall execute the <br /> following certification upon such agreement: <br /> The undersigned assessor, being legally responsible for the <br /> assessment of the above-described property upon completion of <br /> the improvements to be constructed thereon, hereby certifies <br /> that the market value assigned to such land and improvements <br /> upon completion shall not be less than <br /> Upon transfer of title of the land to be developed or <br /> redeveloped from the City to the developer or redeveloper, such <br /> assessment agreement, together with a copy of this subdivision, <br /> shall be filed for record and recorded in the office of the <br /> county recorder or filed in the office of the registrar of titles <br /> of the county where the real estate or any part thereof is <br /> situated. Upon completion of the improvements by the developer <br /> or redeveloper, the assessor shall value the property pursuant to <br /> Section 273 . 11, except that the market value assigned thereto <br /> shall not be less than the minimum market value contained in the <br /> assessment agreement. Nothing herein shall limit the discretion <br /> of the assessor to assign a market value to the property in <br /> excess of the minimum market value contained in the assessment <br /> agreement nor prohibit the developer or redeveloper from seeking, <br /> through the exercise of administrative and legal remedies, a <br /> reduction in market value for property tax purposes; provided, <br /> however, that the developer or redeveloper shall not seek, nor <br /> shall the city assessor, the county assessor, the county auditor, <br /> any board of review, any board of equalization, the commissioner <br /> of revenue or any court of this state grant a reduction of the <br /> market value below the minimum market value contained in the <br /> assessment agreement during the term of the agreement filed of <br /> . record regardless of actual market values which may result from <br /> incomplete construction of improvements, destruction or <br /> B-1 <br />