Agenda - Council - 12/10/1996 - Laserfiche WebLink

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permit is issued within the 18-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 authorized and required to increase the original tax capacity of TIF District No. 7 by the tax capacity of the improvements for which the building permit was issued, Pursuant to §469.177, Subd. 8 of the ~ Act, the City may, execute an assessment agreement in recordable form with any person who owns or will own property in the TIF District which establishes a minimum market value of the land and completed improvements for the duration of TIF District No. '7. 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 conta/ned in the assessment agreement ap.p.ears in the judgment of the assessor to be a reasonable estimate, the assessor may certify the nmumum 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 TIF 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. Y. LGA/HACA Loss The City elects to make a qualifying local contribution in accordance with M.S. §273.I399, subd. 6(d), in order to qualify TZF District No. 7 for exemption from state aid losses set forth in §273.1399. The City will make a contribution to the concrete property project equal to 5 percent of the tax increment from the TIF District. 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 increments or developer payments. The City's contribution may be satisfied by contributions from the state and other local government entities that benefit from development in TI2F District No. 7, all in accordance with §273.1399, subd. 6. 15 I I I I I I I ! I I I I !