A municipality may establish a written assessment agreement with a developer for taxable property within an urban renewal area. This agreement establishes a minimum actual value of land and improvements until a specified termination date. The agreement is presented to the assessor who reviews the plans and specifications for improvements.
If the minimum actual value in the assessment agreement appears reasonable, the assessor shall execute the following certification:Certification upon the Agreement
The minimum assessment agreement and the certification of the assessor shall be filed with the county recorder. When improvements are complete, the assessor shall value the property as required by law, except the actual value shall not be less than the minimum actual value contained in the assessment agreement.