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65 <br />which the majority equity interest is owned by the parties that have a majority equity interest in <br />the Developer. <br />Section 9.5 Review of Taxes. The Developer acknowledges that the sole source of <br />money to make the payments on the TIF Note is the Available Tax Increment derived from the <br />Development Property and Minimum Improvements. The Developer further acknowledges that <br />any of the following actions taken by the Developer could reduce the Available Tax Increment <br />available to pay the TIF Note below the amount necessary to pay a portion or all of the payment <br />due on the Tax Increment Note. <br />(a) Initiation of administrative or judicial review of the applicability of any tax statute <br />determined by any tax official to be applicable to the Development Property or the Minimum <br />Improvements. <br />(b) Initiation of administrative or judicial review of the constitutionality of any tax <br />statute determined by any tax official to be applicable to the Development Property or the <br />Minimum Improvements. <br />(c) A reduction in the real property taxes paid with respect to the Development <br />Property and the Minimum Improvements through intentional actions such as terminating the <br />business activity conducted on the Development Property, demolishing a portion or all of the <br />Minimum Improvements, seeking a reduction in the assessed market value of the Minimum <br />Improvements through any request, petition, claim, or other proceeding to or before the City <br />assessor, the County assessor, the board of equalization of the City, County, or State, the <br />Commissioner of Revenue of the State, any district court of the State, the Tax Court of the State, <br />or any federal district court. <br />(d) Any application for an abatement or deferral of real property taxes under any <br />applicable statute of the State. <br />(e) Other actions or events outside the control of the Developer or outside the control <br />of the Authority or the City, including a reduction in the Market Value of the Development <br />Property and the Minimum Improvements that are made without a request or petition of the <br />Developer, a reduction in the tax classification of the Development Property and the Minimum <br />Improvements under Minnesota Statutes, Section 273.13, or any successor statute, a reduction in <br />the local tax rates applicable to the Development Property and the Minimum Improvements, or <br />any change to the method of taxing real property that has the effect of reducing the revenues <br />derived from such taxes. <br />(f) The Developer shall notify the City and Authority of any administrative or <br />judicial review affecting the Minimum Improvements or the Development Property. In such <br />event, the Authority will continue to make Tax Increment payments to the Developer based upon <br />the value stated in the Assessment Agreement, with any additional Tax Increment available for <br />payment being withheld from Developer until such time that the administrative or judicial review <br />affecting the Minimum Improvements or the Development Property is finally determined. <br />Section 9.6 Business Subsidy Act. The City and the Authority have determined that <br />the financial assistance contemplated by this Agreement is not a "business subsidy" with the <br />21 <br />