08-22-2001 Council Agenda - Laserfiche WebLink

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Agreement to construct the Minimum Improvements. The Developer will record the Certificate of Completion in the proper County Land Records. 7. ASSESSMENT AGREEMENT; PAYMENT OF REAL PROPERTY TAXES; INCREMENT GUARANTY; AND PERSONAL GUARANTY. 7.1. Execution and Recording of Assessment Agreement. Before or contemporaneously with the Authority's conveyance of the Development Property to the Developer, the Developer and the City must execute an assessment agreement relating to the Development Property pursuant to the provisions of Minnesota Statutes, Section 469.177, Subd. 8, establishing a minimum market value for the Development Property for calculation of real property taxes of $1,075,000.00 as of January 2, 2002 (the "Assessment Agreement "). The Assessment Agreement shall be in the form attached as Exhibit D. Nothing in this Agreement or in the Assessment Agreement limits the County Assessor's discretion to establish a market value for the project in excess of the minimum market value set forth in the Assessment Agreement or prohibits the Developer from seeking, through the exercise of legal or administrative remedies, a reduction in the market value the County Assessor assigns to the Development Property for real estate tax purposes; provided, however, the Developer may not seek a reduction of the market value the County Assessor assigns to the Development Property below the minimum market value set forth in the Assessment Agreement so long as the Assessment Agreement remains in effect. The Assessment Agreement will remain in effect until December 31, 2015. The City and the Developer will submit the 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 the Assessment Agreement, the City and the Developer will record the Assessment Agreement in the County land records. 7.2. Real Property Taxes. The Developer must pay all real estate taxes due and payable with respect to the Development Property between the date the City conveys the Development Property to the Developer and December 31, 2016 (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 any tax statute relating to ad valorem property taxation of the Project determined by any tax official to be applicable to the Project or raise the inapplicability of any such tax statute as a defense in any proceedings with respect to the Project, including delinquent tax proceedings. (b) Seek administrative review or judicial review of the constitutionality of any tax statute relating to the taxation of the Project determined by any tax official to be applicable to the Project 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 project. Page 54 1316916v1