May a local government prescribe a minimum assessed value for the property within the project development district?

Yes. A unit that issues project development bonds may enter into an agreement with the owners of property located in the project development district whereby the owners agree to a minimum assessed value of the property located within the district. The minimum assessed value ensures that there will be incremental value and, accordingly, incremental revenues, even if no new private development occurs in the district or the new private development does not increase the value of the property in the district as expected.