07-23-2003 Council Agenda - Laserfiche WebLink

Home Browse Search

respective Parcel may be apportioned amongst separate tax parcels within that Parcel, so long as the apportionment is reasonable and the aggregate minimum market values for such tax parcels equal the minimum market value for the Parcel set forth in Exhibit B -1, in which event the Developer and EDA will execute separate Assessment Agreements for each tax parcel within the Parcel. Each Assessment Agreement must be in the form of the pro forma Assessment Agreement attached as Exhibit B. Nothing in this Agreement or in the Assessment Agreements limits the County Assessor's discretion to establish a market value for any of the Parcels in excess of the minimum market value set forth in the Assessment Agreements or prohibits the Developer from seeking, through the exercise of legal or administrative remedies, a reduction of the market value the County Assessor assigns to the Development Property; provided, however, the Developer may not seek a reduction of a Parcel's market value below the minimum market value set forth in the Assessment Agreement for that Parcel so long as the Assessment Agreement remains in effect. The Assessment Agreement will remain in effect until the earlier of: (i) December 31, 2022; or (ii) the date the Tax Increment District expires or is otherwise terminated. The EDA and the Developer will submit each Assessment Agreement to the County Assessor for certification as provided for in Minnesota Statutes, Section 469.177, Subd. 8. Upon the County Assessor's certification of each Assessment Agreement, and before or contemporaneously with the EDA's conveyance of a Parcel to the Developer, the EDA and the Developer will record the applicable Assessment Agreement in the County land records. 8. PAYMENT OF REAL ESTATE TAXES AND TAX INCREMENT SHORTFALL, GUARANTY. 8.1. Real Property Taxes. The Developer must pay all real estate taxes due and payable with respect to each Parcel of the Development Property between the date the EDA conveys the applicable Parcel to the Developer and the Termination Date. The Developer further agrees that that, prior to the Termination Date, the Developer will not: (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. If the Tax Increments with respect to any of the Parcels are less for any period than the Projected Commercial Tax Increment for such Parcel for such period, then the Developer as owner of that Parcel must pay to -14-