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the amount of tax exempt obligations, other than those <br />reported under clause (3), which were issued on behalf <br />of private entities for facilities located in TIF <br />District No. 2. <br /> <br />X. Notification of Prior Planned Improvements. <br /> <br /> Pursuant to Section 273.76, Subdivision 4 of the TIF Act, <br />the City has reviewed its records with regard to the properties <br />to be included in TIF District No. 2 and has found no properties <br />for which building permits have been issued during the 18 months <br />immediately preceding approval of the TIF Plan by the City. If a <br />building permit is issued within the 18 month period preceding <br />approval of the TIF Plan by the City, the county auditor is <br />authorized and required to increase the original assessed value <br />of TIF District No. 2 by the assessed valuation of the improve- <br />ments for which the building permit was issued, excluding the <br />assessed valuation of improvements for which a building permit <br />was issued during the three month period immediately preceding <br />approval of the TIF Plan by the City. <br /> <br />Y. Assessment Agreements. <br /> <br /> Pursuant to Section 273.76, Subdivision 8 of the TIF Act, <br />the City may, upon entering into a development agreement pursuant <br />to Section 273.75, Subdivision 5 of the TIF Act, execute an <br />agreement in recordable form with the developer which establishes <br />a minimum market value of the land and completed improvements for <br />the duration of TIF District No. 2. The assessment agreement <br />shall be presented to the Anoka county assessor who shall review <br />the plans and specifications for the improvements to be con- <br />structed, review the market value previously assigned to the land <br />upon which the improvements are to be constructed and so long as <br />the minimum market value contained in the assessment agreement <br />appears in the judgment of the assessor to be a reasonable <br />estimate, the assessor may certify the minimum market value <br />agreement. <br /> <br /> Upon transfer of title to the land to be developed from the <br />City to the developer, the assessment agreement shall be filed of <br />record in the office of the county recorder or the registrar of <br />titles of Anoka county. Recording or filing of an assessment <br />agreement complying with the terms of Section 273.76, Subd. 8 of <br />the TIF Act shall constitute notice of the agreement to any <br />subsequent purchaser or encumbrancer of the land or any part <br />thereof, whether voluntary or involuntary, and shall be binding <br />upon them. <br /> <br />14 <br /> <br /> <br />