Agenda Packets - 1987/12/14 - Laserfiche WebLink

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Property; (D) a petition to the board of equalization of the City or the board of equalization of the County to reduce the Assessed Market Value of all or any portion of the Redevelopment Property! (E) a petition to the board of equalization of the State or the commissioner of revenue of the State to reduce the Assessed Market Value of all or any portion of the Redevelopment Property; (P) an actior. in a District Court of the State or the Tax Court of the State pursuant to Minnesota Statutes, Chapter 278, or any similar State or federal law, seeking a reduction in the Assessed Market Value of the Redevelopment Propertyl (G) an application to the commissioner of revenue of the State requesting an abatement of real property taxes pursuant to Minnesota Statutes, Chapter 270, or any similar State or f-deral law; and (H) any other proceedings, whether administrative, legal or equitable, with any administrative body within the City, the County, or the State or with any court of the State or the federal government. The Redeveloper shall not, prior to the Maturity Date, app!y for a deferral of property tax on the Redevelopment Property pursuant to Minnesota Statutes, Section 273.se, or any similar law. Section 6.4. Assessment"Agreement, The Redeveloper shall agree to, and with the City shall execute, as a condition precedent to the City's delivery of a Certificate of Completion for improvements constructed on any parcel, an Assessment Agreement pursuant to the provisions of Minnesota Statutes, Section 273.76, Subdivision 8, specifying the Assessor's Mtoimum Market Value for the Improved parcel for calculation of real property taxes. The aggregate amount of the Assessor's Minimum Market Value for all Phases shall not be less than S19.rJ0,067.00. The Redeveloper shall enter into an Assessment Agreement for such Assessor's Minimum Market Values which provides that by January 2 of the following years at least the following cumulative aggregate amounts of Assessor's Minimum Market Values have been established: Cumulative Aggregate Amount of Assessor's Date Minimum Market Values 1989 $ 6,021,081.00 1990 14,623,745.00 1991 19,500,067.00 Each minimum market value set forth in an Asessment Agreement Is herein referred to as the "Assessor's Minimum Market Value." Nothing in an Assessment Agreement shall limit the discretion of the assessor to assign a market value to the property in excess of such Assessor's Minimum Market Value nor prohibit the Developer from seeking through the exercise of legal or administrative remedies a reduction In such market value for property tax purposes, provided however, that the Developer shall not seek a reduction of such market v:.lue below the Assessor's 611nimum Market Value In any year so long as such Assessment Agreement shall remain In effect. Each Assessment Agreement shall remain in effect until the Maturity Date. M 28