Agenda - Council - 01/25/2000 - Laserfiche WebLink

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~, Section 469.177, Subdivision 8, upon a finding by the Assessor that the Assessor's Minimum Market Value represents a reasonable estimate based upon the plans and specifications for the Minimum .Improvements to be constructed on the Development Property and the market value previously assigned to the Development Property. Pursuant to Minnesota Statutes, Section 469o177, Subdivision 8, the Assessment Agreement shall be filed for record in the office of the county recorder or registrar of titles of Anoka County, and such filing shall constitute notice to any subsequent purchaser or encumbrancer of the Development Property (or part thereof), whether voluntary or involuntary, .and such Assessment Agreement shall be binding and enforceable in frs entirety against any such subsequent purchaser or encun~brancer.~ including the holder of any mortgage. Section 3.5. DeveloDcr's Aqree~t'lent to Pay Tax Increment D~ficiency~. If as of any February t or August 1, con~mencing August 1, 2002 to an¢l includin.~ February if 20 , the Tax !ncrement~ received by the Cit]~ in the proc-- 6 month~'~ is less ~t~n $ , the De~'e!oper will upon fifteen (15) days written notice from the City to ~he De~e-oper pay ao the City.. an amount_, equal to the deficiency. S-~ction 3 6 TransfeL~ of Devel~)Dment P~cr=erty. '~'~_~ Dew~.loper shal~ not tran~'.fer ...ny p~rt of the bevelopmey~t Prcnerty prior to the City'.s reimbursement frora Tax Increments of $ ,000 for the Development P~operty witno~ut the pL~or written consent of the City. If the consent of the City is obtained a~.~d the Developer sells all or a portion of the De'velopment Property/ the DeveloDer shall sell such land for not less than its fair market value and the Developer shall pay net proceeds from the sale to the City in an amount equal to the portion of the $ that the City has not been reimbursed from Tax Increments. -. 1062445.4 9 I I I I I I I I I I I I I I I I I I I