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10-23-2024 Council Packet
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10-23-2024 Council Packet
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135341328v1 <br /> <br /> 8 <br /> <br />income of each qualifying renter, a written determination that each qualifying renter's <br />household income falls within the qualifying limits of this Section (and Section 142(d) of <br />the Internal Revenue Code), and certification that the income documentation is correct <br />and accurate (and that the determination of qualification was made in compliance with <br />Section 142(d) of the Internal Revenue Code). The City may review, upon request, all <br />documentation supporting the Developer submissions and statements. In determining <br />compliance with this Section, the Developer must use the County median incomes for the <br />year in which the payment is due on the TIF Note, as promulgated by the Minnesota <br />Housing Finance Agency based on the area median incomes established by the United <br />States Department of Housing and Urban Development. <br />Section 3.5 Real Property Taxes. Prior to the Termination Date, the Developer shall <br />pay all real property taxes due and payable with respect to all and any parts of the Development <br />Property acquired and owned by it until the Developer's obligations have been assumed by any <br />other person pursuant to the provisions of this Agreement. <br />The Developer agrees that, so long as it owns all or any portion of the Development <br />Property, prior to the Termination Date: <br />(1) It will not seek administrative review or judicial review of the <br />applicability of any tax statute relating to the ad valorem property taxation of real property <br />contained on the Development Property determined by any tax official to be applicable to the <br />Project or the Developer or raise the inapplicability of any such tax statute as a defense in any <br />proceedings with respect to the Development Property, including delinquent tax proceedings; <br />provided, however, "tax statute" does not include any local ordinance or resolution levying a tax; <br />(2) It will not seek administrative review or judicial review of the <br />constitutionality of any tax statute relating to the taxation of real property contained on the <br />Development Property determined by any tax official to be applicable to the Project or the <br />Developer or raise the unconstitutionality of any such tax statute as a defense in any proceedings, <br />including delinquent tax proceedings with respect to the Development Property; provided, <br />however, "tax statute" does not include any local ordinance or resolution levying a tax; <br />(3) It will not seek any tax deferral or abatement, either presently or <br />prospectively authorized under Minnesota Statutes, Section 469.1813, or any other State or <br />federal law, of the ad valorem property taxation of the Development Property between the date <br />of execution of this Agreement and the Termination Date; and <br />(4) It will not seek a reduction in the market value as determined by the <br />Ramsey County Assessor of the Project or other facilities, if any, that it constructs on the <br />Development Property, pursuant to the provisions of this Agreement, for so long as the TIF Note <br />remains outstanding <br />Section 3.6 Legal and Administrative Expenses. The Developer shall reimburse the <br />City for its actual out of pocket Legal and Administrative Expenses. The City shall invoice the <br />Developer and the Developer shall remit payment to the City within 30 days of receipt of the <br />invoice.
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