Agenda - Planning Commission - 09/05/1995

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completed improvements 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 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. Z. LGA/HACA Loss The City elects t° make a qualifying local contribution in accordance with Minnesota Statutes, §273.1399, subd. 6(d), in order to qualify TIF District No. 6 for exemption from state aid losses set forth in §273.1399. The City will make a contribution to the Anoka Electric Cooperative/Energy Park project equal to 10 percent of the mx 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 conu'ibution may be satisfied by contributions from the state and other local government entities that benefit from development in TIF District No. 6, all in accordance with §273.1399, subd. 6. Printed 8/11/95 Page 15 Draft