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(4) Developer has to reimburse the City annually for its costs related to review of compliance with the affordability restrictions; and (5) TIF payments can be withheld in any given year if the Developer is not in compliance with the affordability requirements. b. Developer can’t transfer ownership of property without the Written consent of the City or HRA, which will not be reasonable withheld. 4. Minimum Assessment Agreement (MAA) a. Developer is required to file a MAA with the County which will be in place through the term of the TIF Note as follows: i. Value as of January 2, 2022 shall not be less than $10,800,000 ii. Value as of January 2, 2023 shall not be less than $21,600,000 5. Tax Increment b. The City is creating the Lowry Grove TIF District on March 23, 2021 c. The Developer will receive a pay-as-you-go note in the amount of $2,350,000 after providing proof of expenditures for qualified costs. i. Qualified costs are as follows: Demolition $63,610 Site Utilities $2,155,193 Roads & Walks (City Extension) $61,709 Soil correction $137,740 TOTAL $2,418,252 ii. Term of the TIF Note will be for 9 years iii. Interest will be paid at the lesser of 4% or their actual financing rate iv. Developer will receive 90% of the tax increment generated from their project d. The Note will not be issued if there is an event of default and will only be issued after receipt of a certificate of occupancy and the Declaration of Restrictive Covenants has been recorded e. The developer has to inform the City/HRA if they petition for a reduction in their tax value. If this occurs, the City/HRA will only pay out at the MAA amount until the petition is stipulated or dismissed. Please contact me at 651-697-8506 with any questions. 78