Agenda - Planning Commission - 08/06/1996

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W. Annual Financial Report. The City will file the annual reports required under §469.175 Subds. 5, 6, and 6a of the T~ Act, and publish the annual statement required under §469.175, Subd. 5. X. Notification of Prior Planned Improvements. Pm-suant to §469.I77, Subdivision 4 of the TI2:r Act, the City has reviewed its records with regard to the property w/th.in ~ District No. 6 and has found no building permits were issued during the 18 months/mmed/ately preceding approval of the TTF Plan by the City. If a building permit is issued w/thin 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. 6 by the tax capacity of the improvements for which the building permit was issued. Y. Assessment Agreements. Pursuant to §469.177, Subd. 8 of the TI2~ 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 improvements for the duration of 2-TF Dis~-ict 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, rev/ew the market value previously assigned to the land upon wh/ch 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 w/th 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 '~olunrm-y 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.I399, subd. 6(d), in order to qualify TTF Dis~ct No. 6 for exemption from state Md 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 ~ 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 TIY District No. 6, all in accordance with §273.1399, subd. 6. 13o 15