Agenda - Planning Commission - 12/02/2010

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City of Ramsey, Minnesota 2. To the extent the project in TIF District 14 generates any public cost impacts on city -provided services such as police and fire protection, public infrastructure, and the impact of any general obligation tax increment bonds attributable to the district upon the ability to.issue other debt for general fund purposes, such costs will be levied upon the taxable net tax capacity of the City, excluding that portion captured by the District. 3. The amount of tax increments over the life of the district that would be attributable to school district levies, assuming the school district's share of the total local tax rate for all taxing jurisdictions remained the same, is estimated to be $37,324,274. 4. The amount of tax increments over the life of the district that would;;,$ attributable to county levies, assuming the bounty's share of the total local tax rate for all taxingk'juristlictions remained the same is F,eirr'. estimated to be $65,871,101. r1:'i'::�r: ' �., 5. No additional information has been requested by the countytor school' dstrict that would enable it to determine additional costs that will accrue to it due to the development proposed for the district. 731 Section W Prior Planned Improvements The City shall accompany its request for certification to the County,.;,A,d^dl,{or' (or notice of district enlargement), with a listing of all properties within the TIF Distric;rfk !hich building peep its• have been issued during the 18 months immediately preceding approval of the TIF Plancfch.i GountyAuditor shajli,hcrease the original net tax capacity of the TIF District by the net tax capacity of each improve, ,yent fori� Whi ch a building,pe!•mit was issued. The City is in the process of seeking;sJecial legislation,to seekgexemptibn from or' redefinition of the requirements of Minnesota Statutes Chapter 469;iZ7;Sv bdivision 4. '' :• .; '""""'"II t° iiibVii Section X gginr Development Agreements4 If within a project containing a.redevelopment distnctt mo,re•than 25% of the acreage of the property to be acquired by the Authorityi,isjipurcbased with'ta4ti increment bonds' proceeds (to which tax increment from the property is pledged), then priop fof•such'r'acqujsitpn, the`' City,, must enter into an agreement for the development of the property. Such agreementTmust provide recortrse for the City should the development not be completed. The City;,epticipates entering inte'mdividueVegreements for development as projects occur, but does not anticipate acquiring any,additional property located within the TIF District. „ vi,t ^5n uA Section Y Assessment�Ad reements The City may, upon entering into a development agreement, also enter into an assessment agreement with the developer, which establishes a minimum market value of the land and improvements for each year during the life of the TIF District. The assessment agreement shall be presented to the County or City Assessor who shall review the plans and specifications for the improvements to be constructed, review the market value previously assigned to the land, and so long as the minimum market value contained in the assessment agreement appears to be an accurate estimate, shall certify the assessment agreement as reasonable. The assessment agreement shall be filed for record in the office of the County Recorder of each county where the property is located. Any modification or premature termination of this agreement must first be approved by the City, County and School District. SPRINGSTED Page 10 30.