Agenda - Council - 03/08/1994 - Laserfiche WebLink

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(a) ~ acquisition of land and buildings through condemnation or purchase; (b) - site improvement or preparation costs; o (c) installation of public utilities or other public improvements; (d) ~ administrative costs, including the allocated cost of the City; F°[ properties sold to developers, the total cost of the property to the City and the pri~ e paid by the developer;, and wTh~.camount of tax exempt obligations, other than those reported under clause 3, h were issued on behalf of private entities for facilities located in TIF District No. 2. In additio,ta, the City will file the annual report with the Minnesota Commissioner of Revenue regarding all ~ Districts in the City, as required in §469.175, Subd. 6a of the TIF Act. X. N(~tiflcation of Prior Planned Imnrovements. Pursuant to §469.177, Subd. 4 of the TIF Act, the City reviewed its records with regard to the property with~ TIF District No. 2 and found that no building permits were issued during the 18 months immed~ tely preceding approval of the TIF Plan by the City. Y. AsSessment Agreements. Pursuant to {}469.177, Subd. 8 of the TIF Act, the City may execute an assessment agreement in rec~dable form with the developer which establishes a minimum market value of the land and completed improvements for the duration of TIF District No. 2. The assessment agreement shall l~e presented to the Anoka County Assessor who shall review the plans and specifications for ~he improvements to be consumcted, review the market value previously assigned to the land upon w~hich the improvements are to be constructed and so long as the minimum market value contained ~ 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 fried on record in the office of the county recorder or the registrar of rifles of Anoka C6~nty. Recording or filing of an assessment agreement complying with the terms of {}469.177, Sub~,. 8 of the TIF Act, shall constitute notice of the agreement to any subsequent purchaser or encu~nbrancer of the land or any pan thereof, whether voluntary or involuntary, and shall be binding u~on them. Z. Summary of Cash Flow Assumptions. The folloWi.'ng is a summary of the assumptions underlying the estimate of tax increment related to the Sunfish Square Addition project during the life of TIF Disu'ict No. 2: 1. The original tax capacity of the Sunfish Square Addition parcel is $14,184. 2. Th{ projected tax capacity as of January 2, 1995, is estimated to be $75,250. 3. The local tax rate for the TIF District is estimated to be 1.08674. 4. Pr6jected tax capacity does not include any value attributable to inflation. 14