CC PACKET 07121988 - Laserfiche WebLink

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• Section 6 . 2 Taxes and Valuations . Redeveloper shall pay when due all real estate taxes and installments of special assessments payable on the Redevelopment Property subsequent to the date title to the Redevelopment Property is conveyed to Redeveloper . Prior to the Maturity Date of any Bonds outstanding, Redeveloper will not seek administrative or judicial review of any statute, law, rule, Assessor ' s Market Value, Assessed Value, or other factor relating to the real estate taxes for the Redevelopment Property or the Project contrary to the minimum value set forth in the Assessment Agreement . Section 6 . 3 Reimbursement to Redeveloper . If the Redeveloper makes any payments to the HRA under Section 6 . 1 hereof it shall be entitled to reimbursement for such payment by the HRA, without interest thereon, but only out of the amount of tax increment generated by the Redevelopment Property received by the HRA in any year which, together with any tax increment generated by the Redevelopment Property in previous years which the HRA has on hand, is .in excess of 115% of the principal and interest to be paid on the Bonds in such year and is not needed by the HRA to pay any other public costs of the redevelopment of the Redevelopment Property. The obligation of the HRA to reimburse the Redeveloper is expressly limited to such excess tax increment, and no other moneys or other property or revenues of the HRA or City shall be available to • reimburse the Redeveloper. If such excess tax increment is not available to the HRA in an amount sufficient to reimburse the Redeveloper under this Section 6 . 3 the HRA shall be under no obligation to reimburse the Redeveloper for. an amount greater than such excess tax increment . The Redeveloper agrees that the obligation of the HRA to reimburse the Redeveloper shall not constitute a debt of the HRA or the City. ARTICLE VII Mortgage Financing Section 7 . 1 Mortgage Financing. Mortgage financing for construction of the Minimum Improvements shall be in accordance with this Article VII . The HRA agrees to cooperate with Redeveloper in Redeveloper ' s efforts to obtain such mortgage financing . Section 7 . 2 Limitation Upon Encumbrance of Property. Prior to the completion of the Minimum Improvements, as certified by the HRA, neither Redeveloper nor any successor in interest to the Redevelopment Property or any part thereof shall engage in any financing or any other transaction creating any Mortgage or other encumbrance or lien upon the • -16-