07-23-2003 Council Agenda - Laserfiche WebLink

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1450998v8 (a) Seek administrative review or judicial review of the applicability of any tax statute relating to ad valorem property taxation of the Development Property that any tax official determines is applicable to the Development Property or raise the inapplicability of any such statute as a defense in any proceedings with respect to the Development Property, including delinquent tax proceedings; (b) Seek administrative review or judicial review of the constitutionality of any tax statute relating to the taxation of the Development Property that any tax official determines to be applicable to the Development Property, or raise the unconstitutionality of any such tax statute as a defense in any proceedings, including, but not limited to, delinquent tax proceedings, with respect to the Development Property; (c) Seek any tax deferral or abatement, either presently or prospectively authorized under Minnesota Statutes Section 569.181 or any other state or federal law, of the ad valorem property taxation of the Development Property. 8.2. Payment of Tax Increment Shortfall and Shortfall Guaranty. "Tax Increment Shortfall" means: the difference between $9,203.00 and the amount of the Tax Increments the EDA actually receives which are derived from the real estate tax payment due and payable with respect to the Development Property on May 15, 2005; the difference between $9.203.00 and the amount of the Tax Increments the EDA actually receives which are derived from the real estate tax payment due and payable with respect to the Development Property on October 15, 2005; the difference between $36,005.00 and the amount of the Tax Increments the EDA actually receives which are derived from the real estate tax payment due and payable with respect to the Development Property on May 15, 2006; the difference between $36,005.00 and the amount of the Tax Increments the EDA actually receives which are derived from the real estate tax payment due and payable with respect to the Development Property on October 15, 2006; and the difference between $62,692.00 and the amount of the Tax Increments the EDA actually receives which are derived from the real estate tax payment due and payable with respect to the Development Property on each May 15 or October 15 thereafter through and including October 15, 2022. On or before July 1, 2005 the EDA will give the Developer written notice of the amount of the Tax Increment Shortfall, if any, resulting from the real estate tax payment due and payable with respect to the Development Property on the preceding May 15, 2005, and on or before each January 1 and July 1 thereafter through and including January 1, 2023, the EDA will give the Developer written notice of the amount of the Tax Increment Shortfall, if any, resulting from the real estate tax payment due and payable with respect to the Development Property on the May 15 (in the case of an July notice) or October 15 (in the case of a January notice), and the Developer must pay the amount of the Tax Increment Shortfall set forth in the notice to the EDA within thirty days of the Developer's receipt of the EDA's notice. The FDA's failure to give the Developer written notice of the amount of the Tax Increment Shortfall on or before the dates set forth in this Section 8.2 does not relieve the Developer of the obligation to pay the amount of the Tax Increment Shortfall to the EDA within 30 days of the date the - 1 4 -