12-19-2001 Council Agenda - Laserfiche WebLink

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9.2. Real Property Taxes. The Developer must pay all real estate taxes due and payable with respect to the Redevelopment Property between the date the Authority conveys the Redevelopment Property to the Developer and the Termination Date and agrees that, with respect to real estate taxes due and payable prior to the Termination Date it will not: (a) Seek administrative review or judicial review of the applicability of the Tax Increment Act or any other tax statute relating to ad valorem property taxation of the Redevelopment Property determined by any tax official to be applicable to the Redevelopment Property or raise the inapplicability of any such tax statute as a defense in any proceedings with respect to the Redevelopment Property, including delinquent tax proceedings. (b) Seek administrative review or judicial review of the constitutionality of the Tax Increment Act or any other tax statute relating to the taxation of the Redevelopment Property determined by any tax official to be applicable to the Redevelopment 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 Redevelopment Property. (c) Seek any tax deferral or abatement, either presently or prospectively authorized under Minnesota Statutes, Section 469.181 or any other state or federal law, of the ad valorem property taxation of the Redevelopment Property. 9.3. Increment Guaranty. The City and the Developer anticipate that, based on the minimum market value established in the Assessment Agreement, each semi - annual installment of real estate taxes due and payable with respect to the Redevelopment Property between January 1, 2004 and December 31, 20 will generate and the City will receive Tax Increments in the amount of $ . If the Tax Increments the City actually receives with respect to any semi - annual installment of real estate taxes due and payable between January 1, 2004 and December 31, 20 is less than $ the Developer must, upon 15 days written notice from the City to the Developer, pay the City an amount equal to the difference between $ and the Tax Increments the City actually received with respect to such semi - annual installment of real estate taxes. 9.4. Personal Guaranty. As additional security for Developer's perfonnance of its obligations under Section 9.3, , members of Developer, must execute and deliver to the City, contemporaneously with the City's and the Developer's execution of this Agreement, a personal guaranty in the form attached as Exhibit E. 10. INSURANCE, CASUALTY LOSS AND CONDEMNATION. 1353333vDOC Red (V3 to V2) 10.1. hrsurance. (a) Between the date the Authority conveys the Redevelopment Property to the Developer and the substantial completion of the Minimum Page 123