08-22-2001 Council Agenda - Laserfiche WebLink

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(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 Project. 7.3. 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 Property between January 1, 2003 and December 31, 2016 will generate and the City will receive Tax Increments in the amount of $6,800.00. 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, 2003 and December 31, 2016 is less than $6,800.00 the Developer must, upon 15 days written notice from the City to the Developer, pay the City an amount equal to the difference between $6,800.00 and the Tax Increments the City actually received with respect to such semi - annual installment of real estate taxes. 7.4. Personal Guaranty. As additional security for Developer's performance of its obligations under Section 7.3, ,Reginald A. Plowman, a member 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. 8. INSURANCE, CASUALTY LOSS, CONDEMNATION AND INDEMNIFICATIONS. 8.1. Insurance. (a) Between the date the City conveys the Development Property to the Developer and the substantial completion of the Minimum Improvements, the Developer will obtain and maintain or cause to be obtained and maintained : (i) Builder's risk insurance, written on the so- called "Builder's Risk - Completed Value Basis ", in an amount equal to one hundred percent (100 %) of the insurable value of the Minimum Improvements at the date of completion, and with coverage available in nonreporting form on the so- called "all risk" form of policy; the interest of the City shall be protected in accordance with a clause in form and content satisfactory to the City; (ii) Occurrence based comprehensive general liability insurance (including operations, contingent liability, operations of subcontractors, completed operations and contractual liability insurance) together with an Owner's Contractor's Policy insuring against claims for death, bodily injury and property damage with coverage in amounts not less than $1,000,000 per occurrence and $3,000,000 in aggregate (to accomplish the above - required limits, an umbrella excess liability policy may be used); and Page 55 1316916v1