11-23-2009 EDA Packet - Laserfiche WebLink

Home Search

assessor's certification of a minimum market value of $4,400,000 for the Assisted Living Property and the Assisted Living Improvements thereon, in which event that amount will be inserted in Section 1 of the Assessment Agreement. If the County assessor is unable to certify such amount as reasonable, the Assisted Living Developer shall cause the County assessor to certify such lesser amount that the assessor determines to be reasonable, but in no event may the minimum market value certified by the County assessor and inserted in Section 1 of the Assessment Agreement be less than $3,750,000. The Assisted Living Developer shall cause the Assessment Agreement to be promptly recorded in the offices of the County recorder or registrar of titles, as the case may be. (d) For all purposes of the Original Contract, the Assisted Living Improvements shall be deemed to be a portion of the Commercial Component and shall not be treated as rental housing or as part of the Rental Housing Component. (e) Until the Maturity Date the Assisted Living Developer agrees for itself, its successors and assigns, in addition to the obligation pursuant to statute to pay real estate taxes, that it is also obligated by reason of this Addendum to pay before delinquency all real estate taxes assessed against the Assisted Living Property Parcel and the Assisted Living Improvements thereon. The Assisted Living Developer acknowledges that this obligation creates a contractual right on behalf of the Authority to sue the Assisted Living Developer or its successors and assigns to collect delinquent real estate taxes and any penalty or interest thereon and to pay over the same as a tax payment to the county auditor. In any such suit, the Authority shall also be entitled to recover its costs, expenses and reasonable attorney fees. The parties agree and understand that upon a permitted Transfer under Section 8.3 of the Original Contract, the transferee assumes the obligation under this Section as to the property transferred, and the Assisted Living Developer is released. (f) The Assisted Living Developer agrees that through the Maturity Date, it will not cause a reduction in the real property taxes paid in respect of the Assisted Living Property (1) willful destruction of the TIF Parcel or any part thereof; (2) willful refusal to reconstruct damaged or destroyed property, except to the extent otherwise provided in Section 5.1(e) of the Original Contract; (3) apply for a deferral or abatement of property tax on the Assisted Living Property pursuant to any law; or (4) convey or transfer or allow conveyance or transfer of the Assisted Living Property to any entity that is exempt from payment of real property taxes under State law except as otherwise provided in this paragraph. As an exception to clause (4) of this paragraph, Assisted Living Developer may transfer the Assisted Living Property to an entity that is exempt from payment of real property taxes under State law if: (i) the Authority approves the Transfer under the terms of Section 8.2 of the Original Contract; and (ii) the transferee executes an agreement with the City under which the transferee pays to the City, at the time real estate taxes are otherwise payable, a payment in lieu of taxes (the "PILOT Agreement"). The PILOT Agreement must have a term of at least 30 years. Prior to the Maturity Date, the annual payment under the PILOT Agreement must be an amount equal to the total Tax Increment that would be payable to the City if the property were subject to ad valorem taxes, plus the City's share of taxes on the original tax capacity (as defined in the TIF Act)of the Assisted Living Property. After the Maturity Date, the annual payment under the PILOT Agreement must be the City's share of taxes on the Assisted Living Property. 4. Construction of Assisted Living Improvements.(a) Before commencement of construction of the Assisted Living Improvements, Assisted Living Developer shall submit 4