Agenda - Council - 08/13/1996 - Laserfiche WebLink

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I I I I W. Annual Financial Report. The City will file the annual reports required under §469.175 Subds. 5, 6, and 6a of the TIF Act, and publish the annual statement required under §469. i75, Subd. 5. X. Notificatlon of Prior Planned Improvements. Pursuant to §469.177, Subdivision 4 of the TIF Act, the City has reviewed its records with regard to the property wii:hin TIF District No. 6 and has found no building permits were issued during the 18 months immediately preceding approval of the TIF Plan by the City. If a building permit is issued within the t 8-month period preceding approval, or modification, with regard to property added to the TIF District of the TIF Plan by the City, the county auditor is author/zed and required to increase the original tax capacity of TI2: District No. 6 by the tax capacity of the improvements for which the builtting permit was issued. Y. Assessment Agreements. Pursuant to §469,177, Subd. 8 of the TIF Act, the City may, upon entering into a development contract pursuant ,to {}469.176, Subdivision 5 of the TIF Act, execute an assessment agreement in recordable form with the developer which establishes a minimum market value of the land and completed improvi~ments for the duration of TIF District No. 6. The assessment agreement shall be presented to the Anoka county assessor who shall review the plans and specifications for the improvements to be constructed, review the market value previously assigned to the land upon which the improvements are to be constructed and, so long as the minimum market value contained in the assessment :agreement appears in the judgment of the assessor to be a reasonable estimate, the assessor may certify the minimum market value agreement. The assessment agreement shall be recorded in the Anoka County Recorder's office or the Registrar of Titles of Anoka County. Recording or filing of an assessment agreement complying with the terms of {}469.177, Subd. 8 of the TI~ Act shall constitute notice of the agreement to any subsequent purchaser or encumbrancer of the land, or any part thereof, whether voluntary or involuntary, and shall be binding upon them. Z. LGA/HACA Loss The City elects to make a qualifying local contribution in accordance with M.S. {}273.1399, subd. 6(d), in order to .qualify TI:F District No. 6 for exemption from state aid losses set forth in {}273.1399. The City will make a contribution to the AEC Energy Park project equal to 10 percent of the tax increment from the TIF DisMct. The contribution will be used to pay project costs and not for general governmental purposes or improvements that the City planned to incur absent the project. Payments will be made out of the unrestricted money of the City and not, directly or indirectly, from tax incremegts or developer payments. The City's contribution may be ~atisfied by contributions from the state and other local government entities that benefit from development in T/:F District No. 6~ all in accordance with §273.1399, subd. 6. 15