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

Home

to challenge through any of the means set forth above, or otherwise, the m.x capa~ty of the Development Property; provided, ho~,vever, mat Developer may not institute or prosecum any such challenge for any year to the extent that, ff successful, such challenge would cause the Net Tax Increment genea'ated by the Development Property for such year to be less than Eig,h.t Thousand Eight Hundred Fifty-four and 64/100 Dollars ($8,85~,.6~..) ..... Section 6.3. A~ee_m._ent to Pa¥_DefiCienci_es. The Developer and the City shall execute the Agreement to Pay Deficiencies contained in this Agreement as Exhibit H. Se;fion 6.4 Right to Collect D.e]inouent Taxes, The Developer aclmowlextges that City is providing substantial aid and assisumce ~ furtherance of the development through tax increment financing. The Developer understands that the increment will be used to reimburse the City for the cost of the Site Improvements and, therefore, the real estate taxes must be p. rompfl, y and zime]y paid. To that end, the Developer agrees for itself, its successors and assigns, tn addition to the obligation pursuant to statute to pay real estate taxes, that it is also obligated by reason of this Agreement to pay before delinquency all real estate taxes due and payable with res-pc, ct to the Development Property prior to the Maturity Date based upon the minimum market value as stipulated in the Assessment Agreement. The Developer acknowledges that th.is obligation creates a contraemxl righi on behalf of the City to sue ~e Developer or its successors and assigns to collect such delinquent real estate taxes and any penalty or interest thereon and to pay over the same as a tax payment to thc county auditor. In any such suit, the City shall also be entitled recover its costs, expenses and reasonable attorney fees. Page 14 I I I I I I I I I I I I I I I I I I