Agenda - Council - 12/13/1994 - Laserfiche WebLink

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The captured tax capacity of TIF District No. 2, including the amount of any captured tax capacity shared with other taxing districts; The outstanding principal amount of bonds issued or other loans incurred to finance project costs in TIF District No. 2; For the reporting period and for the duration of TIF District No. 2, the amount budgeted under the TIF Plan and the actual amount expended for the following categories: (a) acquisition of land and buildings through condemnation or purchase; (b) site improvement or preparation costs; (c) installation of public utilities or other public improvements; (d) administrative costs, including the allocated cost of the City; For properties sold to developers, the total cost of the property to the City and the price paid by the developer; and The tax exempt obligations, other than those reported under clause 3, which were issued on behalf of private entities for facilities located in TIF District No. 2. In addition, the City will file the annual report with the Minnesota Commissioner of Revenue regarding all TIF Districts in the City, as required in {}469.175, Subd. 6a of the T1F Act. X. Notification of Prior Planned Improvements. Pursuant to {}469.177, Subd. 4 of the TIF Act, the City reviewed its records with regard to the property within TIF District No. 2 and found that no building permits were issued during the 18 months immediately 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 recordable 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 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 filed on record in the office of the Anoka County Recorder. 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. Summary of Cash Flow Assumptions. The following is a summary of the assumptions underlying the estimate of tax increment related to the projects during the life ofTlF DisMct No. 2: 1. The original tax capacity of the district is $ 14