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07-01-2019 Council Packet
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07-01-2019 Council Packet
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10/30/2021 1:08:48 PM
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City Council
Council Document Type
Council Packet
Meeting Date
07/01/2019
Council Meeting Type
Work Session Regular
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20 <br /> <br />ARTICLE VI <br /> <br />Tax Increment; Taxes <br /> <br /> <br />Section 6.1. Right to Collect Delinquent Taxes. The Developer acknowledges that the <br />Authority is providing substantial aid and assistance in furtherance of the development through the <br />issuance of the TIF Note. The Developer understands that the Tax Increments pledged to payment <br />on the TIF Note are derived from real estate taxes on the Development Property, which taxes must <br />be promptly and timely paid. To that end, the Developer agrees for itself, its successors and assigns, <br />in addition to the obligation pursuant to statute to pay real estate taxes, that it is also obligated by <br />reason of this Agreement to pay before delinquency all real estate taxes assessed against the <br />Development Property and the Minimum Improvements. The Developer acknowledges that this <br />obligation creates a contractual right on behalf of the Authority to sue the Developer or its <br />successors and assigns to collect delinquent real estate taxes and any penalty or interest thereon and <br />to pay over the same as a tax payment to the county auditor. In any such suit, the Authority shall <br />also be entitled to recover its costs, expenses and reasonable attorney fees. Nothing in this <br />Agreement in any way limits or prevents the Developer from contesting the assessor’s proposed <br />market values for the Development Property or the Minimum Improvements, but the Developer <br />recognizes that such action may affect the amount of Available Tax Increment. <br /> <br />Section 6.2. Reduction of Taxes. The Developer agrees that after the date of certification of <br />the Tax Increment District and prior to completion of the Minimum Improvements, it will not cause <br />a reduction in the real property taxes paid in respect of the Tax Increment District Property through: <br />(A) willful destruction of the Minimum Improvements, the Tax Increment District Property or any <br />part thereof (except for the demolition of structures, if any, required to construct the Minimum <br />Improvements); or (B) willful refusal to reconstruct damaged or destroyed property pursuant to <br />Section 5.1 hereof. <br /> <br />The Developer also agrees that it will not, prior to the Maturity Date, (i) seek exemption <br />from property tax for the Tax Increment District Property; (ii) convey or transfer or allow <br />conveyance or transfer of the Tax Increment District Property to any entity that is exempt from <br />payment of real property taxes under State law; or (iii) seek or agree to any reduction of the <br />assessor’s estimated market value to below the Minimum Market Value. <br /> <br />The Developer may, at any time following the issuance of the Certificate of Completion, <br />seek through petition or other means to have the Assessors Estimated Market Value for the Tax <br />Increment District Property reduced to not less than the Minimum Market Value. Such activity <br />must be preceded by written notice from the Developer to the Authority indicating its intention to <br />do so. <br /> <br /> Section 6.3. Qualifications. Notwithstanding anything herein to the contrary, the parties <br />acknowledge and agree that upon Transfer of the Development Property to another person or entity, <br />the Developer will remain obligated under Sections 6.1 and 6.2 hereof, unless the Developer is
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