Agenda - Council - 12/13/2011 - Laserfiche WebLink

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4. For the reporting period and for the duration of TIF District No.1, 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; and d) administrative costs, including the allocated cost of the City. 5. For properties sold to developers, the total cost of the property to the City and the price paid by the developer; and 6. The amount of 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. 1. X. Notification of Prior Planned Improvements Pursuant to Minnesota Statutes, Section 469.177, Subd. 4 of the TIF Act, the City has reviewed its records with regard to the properties to be added to TIF District No. 1 and has found no properties for which building permits have been issued during the 18-months immediately preceding approval of the TIF Plan. If a building permit is issued within the 18 month period, preceding approval of the TIF Plan, the county auditor is authorized and required to increase the original assessed value of TIF District No. 1 by the assessed valuation of the improvements for which the building permit was issued, excluding the assessed valuation of improvements for which a building permit was issued during the three-month period immediately preceding approval of the TIF Plan. Y Assessment Agreements Pursuant to Minnesota Statutes, Section 469.177, Subd. 8 of the TIF Act, the City may, execute an agreement in recordable form, with any person, which establishes a minimum market value of the land and completed improvements for the duration of TIF District No. 1. 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, providing 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 Any assessment agreement shall be filed on record in the office of the Anoka County Recorder or the Registrar of Titles of Anoka County. Recording or filing of an assessment agreement complying with the terms of Minnesota Statutes, Section 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 Cash Flow Assumptions and Analysis (AS MODIFIED DECEMBER 13, 2011) The cashflow for the TIF District No. 1 is based upon increment received to date and expected in 2011 and actual and estimated interest earnings. City of Ramsey TIF District No. 1 Modification 2-11