1997-11-03 TIF 9•
Development Program approved by
City Council November 3, 1997
TIF Plan, TIF District No. 9 approved by
City Council November 3, 1997
MODIFIED DEVELOPMENT PROGRAM
DEVELOPMENT DISTRICT NO. 1
and
TAX INCREMENT FINANCING PLAN
TAX INCREMENT FINANCING DISTRICT NO. 9
CITY OF ALBERTVILLE, MINNESOTA
November 3, 1997
This Instrument Drafted by:
KENNEDY & GRAVEN, CHARTERED (DJG)
470 Pillsbury Center
200 South Sixth Street
Minneapolis, Minnesota 55402
Telephone: (612) 337-9300
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SECTION I. MODIFIED DEVELOPMENT PROGRAM FOR DEVELOPMENT
DISTRICT NO. l . ...................................... 1
Subsection 1.1.
Subsection 1.2.
Subsection 1.3.
Subsection 1.4.
Subsection 1.5.
.Subsection 1.6.
Subsection 1.7.
Subsection 1.8.
Subsection 1.9
Subsection 1.10.
Subsection 1.11.
Subsection 1.12.
Subsection 1.13.
Subsection 1.14.
SECTION II.
A.
B.
C.
D.
E.
F.
G.
H.
I.
J.
K.
L.
M.
N.
O.
P.
Q•
R.
S.
T.
U.
V.
W.
Definitions
Statement and Finding of Public Purpose .................. .
Statutory Authority ................................. .
Statement of Objectives .............................. .
Estimated Public Costs and Supportive Data ................ .
Environmental Controls .............................. .
Proposed Reuse of Property ........................... .
Public Improvements and Facilities to be Constructed
Within Development District No. 1 ...................... .
Administration and Maintenance of the
Development District ............................... .
Rehabilitation ..................................... .
Relocation ........................................
Open Space to be Created ............................ .
Boundaries of the Development District ................... .
Parcels To Be Acquired or May be Acquired In
Whole or In Part Within the Development District ........... .
1
2
2
2
3
4
4
4
4
4
5
5
5
5
TAX INCREMENT FINANCING PLAN FOR TAX
INCREMENT FINANCING DISTRICT NO. 9 ............... 6
Statutory Authority ....................................... 6
Statement of Objectives .................................... 6
Statement of Public Purpose .................................. 6
Development District Program ................................ 6
Description of TIF District ................................... 6
Development Contracts ..................................... 7
Classification of TIF District ................................. 7
Modification of TIF Plan .................................... 7
Use of Tax Increment ...................................... 7
Excess Tax Increment ...................................... 8
Limitation on Collection of Increment ........................... 8
Limitation on Administrative Expenses .......................... 9
Limitation on Boundary Changes .............................. 9
Relocation .............................................. 9
Parcels to be Acquired Within the TIF District ..................... 9
TIF Account ............................................ 9
Estimate of Project Costs ................................... 10
Estimate of Bonded Indebtedness ............................. 10
Original Tax Capacity and Original Tax Capacity Rate .............. 10
Estimate of Captured Tax Capacity and Tax Increment .............. 11
Duration of the TIF District ................................. 11
Estimate of Impact on Other Taxing Jurisdictions .................. 11
Annual Financial Report ................................... 11
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X. Notification of Prior Planned Improvements ............ .
Y. Assessment Agreements .......................... .
Z. Local Government Aid/Homestead and Agricultural Credit Aid
(LGA/HACA) .................................
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SECTION I. MODIFIED DEVELOPMENT PROGRAM FOR DEVELOPMENT DISTRICT
NO. 1.
Subsection 1.1. Definitions. For the purposes of the Development District Program, the
following terms shall have the meanings specified below, unless the context otherwise requires:
"City" means the City of Albertville, a municipal corporation under the laws of the State
of Minnesota.
"Comprehensive Plan" means the City's Comprehensive Plan, including the objectives,
policies, standards and programs to guide public and private land use, development,
redevelopment and preservation for all lands and water within the City.
"City Council" or "Council" means the Albertville City Council;
"City Development District Act" or "Act" means Minnesota Statutes, Sections 469.124
through 469.134, as amended.
"County" means Wright County, Minnesota.
"Development District" means Development District No. 1 which was initially approved
by the Council in April, 1981 pursuant to and in accordance with the City Development District
Act, and as it has been or may be modified.
"Development District Program" or "Program" means the program for development of the
District adopted by the City pursuant to the Development District Act.
"Project Area" or "Project" means the property within Development District No. 1, as
described in the Development Program.
"State" means the State of Minnesota.
"Tax Increment Financing Act" or "TIF Act" means Minnesota Statutes, Sections 469.174
through 469.179, inclusive, as amended.
"Tax Increment Bonds" means any general obligation or revenue tax increment bonds or
notes issued by the City to finance the public costs associated with Development District No. 1
as stated in the Program and in the Tax Increment Financing Plan for the Tax Increment
Financing Districts within Development District No. 1, or any obligations issued to refund the
Tax Increment Bonds.
"Tax Increment Financing District" or "TIF District" means any Tax Increment Financing
District created and established pursuant to the TIF Act within Development District No. 1.
"Tax Increment Financing Plan" or "Plan" means the TIF Plan adopted by the Council for
any TIF District within Development District No. 1.
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Subsection 1.2. Statement and Finding of Public Purpose. The Council of the City
determines that there is a need for development and redevelopment within the corporate limits
of the City and within the Development District to provide employment and housing
opportunities, to improve the tax base, and to improve the general economy of the State. It is
found that the area within the District is potentially more useful and valuable than is being
realized under existing development, is less productive than is possible under this Program and,
therefore, is not contributing to the tax base to its full potential.
Therefore, the City has determined to exercise its authority to develop a program for
improving the Development District of the City to provide an impetus for private development,
to maintain and increase employment, to utilize existing potential and to provide other facilities
as are outlined in the Development Program adopted by the City.
The Council finds that the welfare of the City as well as the State of Minnesota requires
active promotion, attraction, encouragement and development of economically sound industry,
housing, and commerce to carry out its stated public purpose objectives.
Subsection 1.3. Statutory Authority. The Council reaffirms its determination that it is
desirable and in the public interest to establish, develop and administer a Development Program
for the Development District in the City, pursuant to the provisions of the Act.
Funding of the necessary activities and improvements in the Development District may
be accomplished in whole or in part through tax increment financing in accordance with the TIF
Act.
The City has designated a specific area within the corporate limits of the City as
Development District No. 1 as authorized by Section 469.126 of the Act, as outlined in this
document. Within the Development District, the City has previously created TIF District Nos.
1, 2, 3, 4, 5, 6, 7, and 8.
The original Development Program for Development District No. 1 was approved in April,
1981 and has been modified subsequently. On July 17, 1989, the Development Program was
modified to expand the area of the Development District. On July 15, 1996 and May 20, 1997,
the Development Program was again modified to expand the area of the Development District.
The City has now determined that, in order to address changing development needs
throughout the City, it is in the public interest to provide for additional expenditures and
development within Development District No. 1. This modified Development Program is
intended to restate and expand on the original program and all prior amendments hereto, which
are incorporated herein by reference. Nothing in this modification is intended to supersede or
alter the activities described in the original Development Program.
Subsection 1.4. Statement of Objectives. The Council determines that the Development
District will provide the City with the ability to achieve certain public purpose goals not
otherwise obtainable in the foreseeable future without City intervention in the normal
development process. The public purpose goals include: restore and improve the tax base and
tax revenue generating capacity of the Development District; increase employment and housing
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opportunities; realize comprehensive planning goals; remove blighted conditions; revitalize the
property within the Development District to create an attractive, comfortable, convenient, and
efficient area for industrial, commercial and related use.
The City and Council seek to achieve the following Development District program
objectives:
1. Promote and secure the prompt development of certain property in the
Development District, which property is not now in productive use or in its highest and best use,
in a manner consistent with the City's Comprehensive Plan and with the minimum adverse impact
on the environment, and thereby promote and secure the development of other land in the City.
2. Promote and secure additional employment and housing opportunities within the
Development District and the City for residents of the City and the surrounding area, thereby
improving living standards, reducing unemployment and the loss of skilled and unskilled labor
and other human resources in the City.
3. Secure the increase of commercial/industrial property subject to taxation by the
City, Independent School District No. 885, Wright County, and other taxing jurisdictions in order
to better enable such entities to pay for governmental services and programs required to be
provided by them.
4. Provide for the financing and construction of public improvements in the
Development District necessary for the orderly and beneficial development of the Development
District and adjacent areas of the City.
5. Promote the concentration of commercial, office, and other appropriate
development in the Development District so as to maintain the area in a manner compatible with
its accessibility and prominence in the City.
6. Encourage local business expansion, improvement, and development, whenever
possible.
7. Create a desirable and unique character within the Development District thorough
quality land use alternatives and design quality in new and remodeled buildings.
8. Encourage and provide maximum opportunity for private redevelopment of existing
areas and structures that are compatible with the Development Program.
9. Encourage redevelopment of substandard buildings, to improve employment
opportunities in the Development District and the City, where compatible with other planning and
development goals.
Subsection 1.5. Estimated Public Costs and Supportive Data. The public costs and
development plans for the Development District have been described in detail in each TIF Plan,
which are incorporated herein by reference.
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The City now anticipates additional public costs to be financed in part with tax increments
from TIF District No. 9. Estimated costs and related data for such efforts are set forth in the TIF
Plan for TIF District No. 9. The TIF Plan for TIF District No. 9 is attached to this modified
Development Program.
Subsection 1.6. Environmental Controls. The proposed development activities in the
Development District do not present significant environmental concerns. All municipal actions,
public improvements and private development shall be carried out in a manner consistent with
existing environmental standards.
Subsection 1.7. Proposed Reuse of Property. The proposals for reuse of property within
the Development District are described in the documents referenced in Section 1.5 herein. The
City may acquire additional parcels for development, as identified in Subsection 1.14 herein.
Unless otherwise specified, the Development Program does not contemplate the acquisition
of private property until such time as a private developer presents an economically feasible
program for the reuse of that property. Proposals, in order to be considered, must be within the
framework of the above cited goals and objectives, and must clearly demonstrate feasibility as
a public program. Prior to formal consideration of the acquisition of any property, the City
Council will require a binding contract, performance bond and/or other evidence or guarantees
that a supporting tax increment or other funds will be available to repay the public cost associated
with the proposed acquisition. It is the intent of the City to negotiate the acquisition of property
whenever necessary. Appropriate restrictions regarding the reuse and redevelopment of property
shall be incorporated into any land sale contract to which the City is a part.
Subsection 1.8. Public Improvements and Facilities to be Constructed Within
Development District No. 1. The public improvements and facilities to be constructed within
Development District No. 1 include streets, water, sanitary sewer and storm sewer, utilities, soils
correction, parking and landscaping. All public improvements are more particularly described
in the documents referenced in Subsection 1.5 herein.
Subsection 1.9. Administration and Maintenance of the Development District.
Maintenance and operation of the public improvements will be the responsibility of the
Administrator of the City who shall serve as Administrator of the Development District. The
Administrator will administer the Development District pursuant to the provisions of Section
469.131 of the Act; provided, however, that such powers may only be exercised at the direction
of the Council. No action taken by the Administrator pursuant to the above-mentioned powers
shall be effective without authorization by the Council.
Subsection 1.10. Rehabilitation. Owners of properties within the Development District
will be encouraged to rehabilitate their property to conform with the applicable state and local
codes and ordinances, as well as any design standards. Owners of the properties who purchase
property within the Development District from the City may be required to rehabilitate their
properties as a condition of sale of land. The City will provide such rehabilitation assistance as
may be available from federal, state or local sources.
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Subsection 1.11. Relocation. The City does not anticipate the need to relocate any
residents or businesses, but if such need arises, provisions for relocation will be made in
accordance with Minnesota Statutes, Section 117.50 through 117.56 and any rules adopted by the
City Council.
Subsection 1.12. Onen Space to be Created. The City, in carrying out the objectives of
the Development Program, proposes to encourage the beautification of open spaces through the
development of criteria which shall be incorporated into any land sale or development agreements
entered into by the City of Albertville.
Subsection 1.13. Boundaries of the Development District. Boundaries of Development
District No. 1 are unchanged by this modification. A map of the Development District is
attached at Exhibit A.
Subsection 1.14. Parcels To Be Acquired or May be Acquired In Whole or In Part Within
the Development District. The City may acquire any parcels in any TIF District or in the
Development District as a whole if necessary to carry out the goals and objectives of the
Development Program.
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III. TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING
DISTRICT NO. 9
A. Statutory Authority
Pursuant to the TIF Act, the Authority seeks to create TIF District No. 9 and adopt a TIF
Plan for that TIF District.
B. Statement of Objectives
The objectives for the Development District set forth in Subsection 1.4 of the
Development Program are incorporated herein by reference.
C. Statement of Public Purpose
In adopting the TIF Plan for TIF District No. 9, the City Council will make the following
findings:
1. Anticipated development would not reasonably be expected to occur solely
through private investment within the reasonably foreseeable future and the increased
market value of the site that could reasonably be expected to occur without the use of tax
increment financing would be less than the increase in the market value estimated to result
from the proposed development after subtracting the present value of the projected tax
increments for the maximum duration of the district permitted by the TIF Plan;
2. The TIF Plan will afford maximum opportunity, consistent with the sound
needs of the Authority as a whole, for development of the District by private enterprise;
and
whole.
3. The TIF Plan conforms to general plans for development of the City as a
Finding No. 1 is demonstrated by the economic analysis on file at City Hall and the
Council's knowledge of the site and development within the City generally. Without tax
increment financing assistance, public improvements necessary to serve the site would not be
feasible, and no other development would be expected to occur. Thus, no market value increase
would be reasonably expected absent tax increment financing.
D. Development District Program
Actions taken with regards to TIF District No. 9 will be fully consistent with the Plan for
Development District No. 1, as modified.
E. Description of TIF District
TIF District No. 9 consists of the property described in Exhibit E. A map of the
approximate boundaries of TIF District No. 9 is included in Exhibit A.
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F. Development Contracts
The Authority has not yet entered any development contracts regarding property within
the TIF District. The Authority expects to enter a development contract with Don's Bus Garage
providing for the development described in more detail in Section Q of this TIF Plan.
G. Classification of TIF District
The City finds that TIF District No. 9 is an economic development district pursuant to
Section 469.174, subdivision 12 of the TIF Act because the proposed tax increment assistance
will discourage commerce, industry, and manufacturing from moving their operations from the
City, will result in increased employment within the State, and will result in the preservation and
enhancement of the tax base of the State. Further, revenue derived from tax increment from the
TIF District will not be used for to provide assistance in any form to developments consisting of
buildings or ancillary facilities if more than 15 percent of the buildings and facilities (determined
on a square footage basis) are used for a purpose other than:
1. the manufacturing, storage and distribution of tangible personal property,
including processing resulting in the change in condition of the property;
2. warehousing, storage and distribution of tangible personal property,
excluding retail sales;
3. research and development related to the activities listed in clause 1 or 2;
4. telemarketing, if that activity is the exclusive use of the property;
5. tourism facilities (if the conditions specified in Section 469.174, subd. 22
are met); and
6. space necessary for and related to the activities listed in clauses 1 to 5.
H. Modification of TIF Plan
The TIF Plan for TIF District No. 9 may be modified by the City, provided that any
reduction or enlargement of geographic area of TIF District No. 9, increase in amount of bonded
indebtedness to be incurred, including a determination to capitalize interest on the debt if that
determination was not a part of the original plan, or to increase or decrease the amount of interest
on the debt to be capitalized, increase in the portion of the captured assessed value to be retained
by the City, increase in total estimated tax increment expenditures, or designation of additional
property to be acquired by the City, shall be approved upon the notice and after the discussion,
public hearing and findings required for approval of the original plan.
Use of Tax Increment
1. Pursuant to Section 469.176, Subd. 4 of the TIF Act, all revenues derived from
the tax increment from TIF District No. 9 shall be used in accordance with the TIF Plan. The
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revenues shall be used to finance or otherwise pay the capital and administrative costs of
development activities within the Development District as identified in the TIF Plan.
2. Pursuant to Section 469.1763, Subd. 2 of the TIF Act, at least 80 percent of the
revenue derived from tax increments paid by properties in TIF District No. 9 will be expended
on activities ("Activities") in the TIF District or to pay bonds, to the extent that the proceeds of
the bonds were used to finance Activities in the TIF District or to pay, or secure payment of, debt
service on credit enhanced bonds (as defined in the TIF Act). No more than 20 percent of the
revenue derived from tax increments paid by properties in TIF District No. 9 will be expended,
through a development fund or otherwise, on Activities outside of the TIF District but within
Development District No. 1 except to pay, or secure payment of, debt service on credit enhanced
bonds.
3. Revenues derived from tax increment will be expended in accordance with the
five-year rule as set forth in Section 469.1763 of the Tax Increment Act.
J. Excess Tax Increment
Pursuant to Sections 469.176, Subd. 2 of the TIF Act, in any year in which the increment
exceeds the amount necessary to pay the costs authorized by the TIF Plan, the City will use the
excess amount to do any of the following, in the order determined by the City:
1. Prepay the outstanding bonds;
2. Discharge the pledge of tax increment therefor;
3. Pay into an escrow account dedicated to the payment of bonds;
4. Retained by the City for future development purposes; or
5. Return the excess amount to the Wright County auditor, who shall distribute the
excess amount to the City, the County and Independent School District No. 885
in direct proportion to their respective tax capacity rates.
In addition, and subject to the limitations set forth in Subsection I herein, the City may
choose to modify the TIF Plan in order to provide for other economic development activities
within the TIF District.
K. Limitation on Collection of Increment
1. No increment shall be paid to the City from TIF District No. 9 after three years
from the date of certification of the original tax capacity of the taxable real property in the TIF
District by the county auditor unless within the three year period (a) bonds have been issued in
aid of Development District No. 1 pursuant to Section 469.178 of the TIF Act or any other law
except revenue bonds issued pursuant to Minnesota Statutes, Sections 469.152 to 469.165, or (b)
the City has acquired property within TIF District No. 9 or (c) the City has constructed or caused
to be constructed public improvements within TIF District No. 9.
2. If, after four years from the date of certification of the original tax capacity of TIF
District No. 9, no demolition, rehabilitation, or renovation of property or other site preparation,
including qualified improvement of a street or right-of--way adjacent to a parcel but not
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installation of underground utility service, including sewer or water systems, have been
commenced on a parcel located within TIF District No. 9 by the City, or by the owner of the
parcel in accordance with the TIF Plan, no additional increment may be taken from that parcel,
and the original tax capacity of that parcel shall be excluded from the original tax capacity of the
TIF District. If these activities subsequently commences, the City will so certify to the county
auditor, and the tax capacity of the property as most recently certified by the commissioner of
revenue will be added to the TIF District's original tax capacity.
3. No tax increment will in any event be paid to the City from TIF District No, 9
after 9 years from the date of receipt of the first increment, or 11 years from the date of approval
of this TIF Plan, whichever occurs first.
L. Limitation on Administrative Expenses
Pursuant to Section 469.176, Subd. 3 of the TIF Act, administrative expenses are limited
to 10 percent of the total tax increment expenditures for Development District No. 1. Each time
the City increases the budget of TIF District No. 9, the amount of tax increment money allocated
to administrative costs may be increased as long as the total of administrative expenditures does
not exceed 10 percent of the total budget of the TIF District.
M. Limitation on Boundary Changes
The geographic area of TIF District No. 9 may be reduced, but it may not be enlarged
after five years following the date of certification of the original tax capacity by the Wright
County auditor. Thus, the TIF District may not be enlarged after approximately November 3,
2002.
N. Relocation
While no relocation is currently anticipated, the City accepts as binding its obligations
under state law for relocation and will administer relocation services for families, individuals and
businesses displaced by public action.
O. Parcels to be AccLuired Within the TIF District
The City may acquire any property within the TIF District in order to carry out the
objectives of this TIF Plan.
P. TIF Account
The tax increment received with respect to TIF District No. 9 shall be segregated by the
City in a special account on its official books and records or held by a trustee for the benefit of
holders of bonds issued to finance development activities.
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Q. Estimate of Project Costs
The City intends to facilitate development of a bus warehousing facility at a site that lacks
adequate public services. The total estimated costs to be financed in part with tax increment,
exclusive of interest, are as follows:
Land acquisition
Site improvements (grading, excavation, landscaping)
Soil corrections
Sanitary sewer, water and storm sewer utilities
Footings (necessitated by soil problems)
Parking
Street and curb improvements
TOTAL
$54,900
The above are estimates, which may shift among categories, provided that the total .costs
will not exceed the total listed. Costs within each category are deemed to include capitalized
interest which will vary depending on when or if bonds are issued, but in any event will not exceed
three years as required by Minn. Stat. Ch. 475.
In addition to the costs listed above, the City may retain ten percent of the total tax
increment collected each yeax for administrative expenses, subject to the limitation that no more
than 10 percent of total tax increment expenditures may be expended for administrative costs, as
described in Subsection L hereof.
R. Estimate of Bonded Indebtedness
The City may finance the project costs identified in this TIP Plan through issuance of
revenue notes, pay as you go obligations in any form, or general obligation bonds in a principal
amount not to exceed approximately $54,900.
S. Original Tax Capacity and Original Tax Capacity Rate
As of the time of the request for certification, the original tax capacity of TIF District No.
9 is expected to be $4,554. The original tax capacity rate of TIF District No. 9 is estimated to be
123.582%. This rate is an estimate of the aggregate tax capacity rate applicable to property within
the TIF District.
The County auditor will increase or decrease the original tax capacity of TIF District No.
9 as a result of:
1. Change in the tax exempt status of property within the TIF District;
2. Reduction or enlargement of the geographic boundaries of the TIF District;
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3. Reduction of valuation by means of a court-ordered abatement, stipulation
agreement, voluntary abatement made by the assessor or auditor or by order of the Minnesota
commissioner of revenue; or
4. Change in the classification of property within the TIF District to a classification
that has a different class rate.
T. Estimate of Captured Tax Capacity and Tax Increment
The City expects the improvements in the TIF District to be completed by January 2, 1998.
As of that date, the captured capacity is estimated to be $8,586. Accordingly, the first full tax
increment is estimated to be $10,611, payable in 1999. A complete schedule of estimated tax
increment from the TIF District is shown in Exhibit F.
Pursuant to Section 469.177, Subd. 2 of the TIF Act, it is found and declared that all of
the captured tax capacity generated within TIF District No. 9 is necessary to finance or otherwise
make permissible expenditures authorized by Section 469.176, Subd. 4 of the TIF Act.
U. Duration of the TIF District
In accordance with Section 469.176, Subd. 1(b) of the TIF Act, the City may continue to
receive TIF payments until the earlier of 9 years after the date of receipt of the first increment, or
11 years after the date of approval of this TIF Plan.
V. Estimate of Impact on Other Taxing Jurisdictions
The City believes that, because the development would not have occurred without tax
increment assistance, the TIF District has no impact on other taxing jurisdictions. However,
assuming the development would have occurred without tax increment assistance, making the
anticipated captured tax capacity available to other jurisdictions, the hypothetical impacts on other
jurisdictions are presented in Exhibit G.
W. Annual Financial Report
The City will file the annual reports with the State Auditor regarding all TIF Districts in
the City, as required in Sections 469.175, subds. 5, 6, and 6a of the TIF Act.
X. Notification of Prior Planned Improvements
Pursuant to Section 469.177, Subdivision 4 of the TIF Act, the City reviewed its records
with regard to the property within TIF District No. 9 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 Section 469.177, Subdivision 8 of the TIF Act, the City may execute an
assessment agreement in recordable form with the developer which establishes a minimum Market
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value of land and improvements for the duration of TIF District No. 9. The Assessment
agreement, if any, shall be presented to the Wright 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 of record in the office of the county recorder or the registrar
of titles of Wright County. Recording or filing of an assessment agreement complying with the
terms of Section 469.177, Subd. 8 of the TIF Act shall constitute notice of the agreement to any
subsequent purchaser or encumbrance of the land or any part thereof, whether voluntary or
involuntary, and shall be binding upon them.
Z. Local Government Aid/Homestead and Agricultural Credit Aid (LGA/HACA)
Pursuant to Minnesota Statutes, Section 273.1399, Subd. 6(d), the City elects to make a
local contribution to pay costs of the project financed under this TIF Plan, in the amount equal to
10 percent of the annual tax increment. Therefore, the City anticipates that the TIF District will
be exempt from LGA/HACA loss.
The local contributions will be made from unrestricted funds of the City, and not from tax
increments or developer payments. The local contribution will not be used for general government
purposes or for improvements or costs that the City or the City planned absent the project.
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EXHIBIT A
MAP OF DEVELOPMENT DISTRICT NO. 1
and
TAX INCREMENT FINANCING DISTRICT NO. 9
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EXHIBIT B
DESCRIPTION OF TAX INCREMENT FINANCING DISTRICT NO. 9
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EXHIBIT C
TAX INCREMENT SCHEDULE
TAX INCREMENT FINANCING DISTRICT NO. 9
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EXHIBIT D
IMPACT TABLE
TAX INCREMENT FINANCING DISTRICT NO. 9
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