Agenda - Council - 05/11/1999 - Laserfiche WebLink

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! I I I I I I I I I i I I ARTICLE VI TAX INCREMENT Section 6.1. Asse.e.~ment Agreement, The City and the Develot~ ~]] execute the Assessment Agreement and Certification of County Assessor contained in Exhibit D of this Agreement. The City shall then present the Assessment Agreement to the county assessor for c~fion. The assessor shall assign a_.market value to the property wkich shall not be less than -l~c:~-Hundred Thousand and 00/100 ($,~X),000.00). The market value so established may, in the disca'etion of the assessor, exceed the Mir~imum Market Value. Section 6.2. Review of Taxes. Except as otherwise provided in this Agreeanemt, the Developer shall pay all real property taxes and special assessments assessed against the Development Property. The Developer agrees that prior to the Maturity Date: (1) It will not seek administrative review or judicial review of the applicability of any property tax statute dete~mlned by any tax official to be applicable to the Development Property or the Developer, or raise the applicability of any such tax statute as a defense in any proceedings including delinquent tax proceedings; (2) It will not seek actministmtive review or judicial review of the constitutionality of any such tax statute dete.m~ned by any tax'official to be applicable to the Developmeot Property or to the Developer, or raise the unconstitutionality of such mx statute as a defense in any proceexiings, including delinquent proceedings; (3) It will not request the assessor to reduce the assessed market value or mx capacity of all or any portion of the Development Property; (4) It will not petition the board of equalization of the City or .the board of equalization of the county to reduce the assessed market value or mx capacity of all or any portion of the Development Property;, (5) It will not petition the board of equalization or commisfioner of revenue of Minnesota to xeduce the a~sessed market va~ue or tax capacity of all or any portion of the Development Property, (6) It will not commence an action in a district court or the tax court of' the state pua'suant to Minnesota Statutes, Chapter 278, seeking a reduction in the assessed remrket value or tax capacity of the Development Property;, (7) It will not make an application to the Minnesota Commis~.oner of Revenue requesting an abatement of real property taxes pursuant to Minnesota Statutes, Chapter 270; and (8) It will not Commence any other proceedings, whether adminisu'ative~ legal or equitable, with any administrative body within the City, county, or the state, or with any court of the state or Ge f~eral government with regard to the Minimum Market Value contained. ~n the Assessment Agreement. Toe Developer shall not, prior to the Maturity Date, apply for a defermI of property tax on the Development Property. Nothing contained herein shall be deemed to limit the right or opportunity of the Developez to challenge through any of the means set forth above, or otherwise, that pm-t of any valuation or the market value which is in excess of th~ stipulated value contained in the Assesm-nent Agreement; provided, however, that the Developer may not institute or prosecute any challenge to the excess whick, if successful, would also result in a reduction of the assessment below the stipulated value. Further, no'daing contained herein shall be deemed to limit the fight or opportunity of the Developer Page 13