Public Hearing RE Elements of Financial Package for rono Woods

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Subsection 2-26. Excess Tax Increments Pursuant to M.S., Section 469.176, Subd. 2, in any year in which the tax increment exceeds the amount necessary to pay the costs authorized by the TIF Plan,including the amount necessary to cancel any tax levy as provided in M.S., Section 475.61, Subd. 3, the Authority shall use the excess amount to do any of the following: 1. prepay any outstanding bonds; 2. discharge the pledge of tax increment therefor; 3. pay into an escrow account dedicated to the payment of such bonds; or 4. return the excess to the County Auditor for redistribution to the respective taxing jurisdictions in proportion to their local tax rates. In addition,the Authority may, subject to the limitations set forth herein,choose to modify the TIF Plan in order to finance additional public costs in Housing Project Area No. 1 or the District. Subsection 2-27. Requirements for Agreements with the Developer The Authority will review any proposal for private development to determine its conformance with the Development Program and with applicable municipal ordinances and codes. To facilitate this effort, the following documents may be requested for review and approval: site plan, construction, mechanical, and electrical system drawings,landscaping plan,grading and storm drainage plan,signage system plan,and any other drawings or narrative deemed necessary by the Authority to demonstrate the conformance of the development with Authority plans and ordinances. The Authority may also use the Agreements to address other issues related to the development. Pursuant to M.S., Section 469.176, Subd. 5, no more than 10 percent, by acreage, of the property to be acquired in the District as set forth in the TIF Plan shall at any time be owned by the Authority as a result of acquisition with the proceeds of bonds issued pursuant to M.S.,Section 469.178 to which tax increments from property acquired is pledged, unless prior to acquisition in excess of 10 percent of the acreage, the Authority concluded an agreement for the development of the property acquired and which provides recourse for the Authority should the development not be completed. Subsection 2-28.Assessment Agreements Pursuant to M.S., Section 469.177, Subd. 8,the Authority may enter into a written assessment agreement in recordable form with the developer of property within the District which establishes a minimum market value of the land and completed improvements for the duration of the District. The assessment agreement shall be presented to the 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 shall also certify the minimum market value agreement. Subsection 2-29.Annual Disclosure Requirements Pursuant to M.S., Section 469.175, Subd. 5, 6 and 6a the Authority must undertake financial reporting for all tax increment financing districts to the Office of the State Auditor, County Board, County Auditor and School Board on or before August 1 of each year. M.S., Section 469.175, Subd. 5 also provides that an Orono HRA Tax Increment Financing Plan for Tax Increment Financing District No. 1-1 2-12