Agenda - Council - 06/08/1999 - Laserfiche WebLink

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Nothing contained herein shall be deemed to limit the right or oppommity of the Developer to challenge through any of the mean.q set forth above, or otherwise, that part of any valuation or the market value which is in excess of the stipulated value contained in the Assessment ~nt; provided, however, that the Developer may not insfi, tutc or prosecute any challenge to the excess which, ffsucxes~, would also result in a reduction of the assessment below the stipulated value. Further, nothing contained herein shall be deemed to limit the right or opportunity of the Develoix:r to challenge through any of the means set forth above, or otherwise, the tax capacity of the Development Propexty; provided, however, that Developer may not institute or prosecute any such. challenge for any year to the extent that, if successful, such challenge would cause the Net T~.~...~c~_ment generated by the Development Property for such y..e.~ to be less than ~ Section 10.3 Agreement to Pay Deficiencies. The Developer and the City shall execute the Agreement to Pay Deficiencies contained in this Agreement as Exh/bit F. Section 10.4 Rightto Collect DelinquentTaxe~. The Developer acknowledges that the City is providing substantial aid and assistance in 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 promptly and timely paid. To that end, the Developer agrees for itself; its successors and assigns, in 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 respect to the Development Property prior to the Maturity Date based upon the minimmn market value as stipulated in the Assessment Agreement. .The Developer acknowledges that this obligation creates a contractual right on behalf of the City to sue the 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 the county auditor. In any such suit, the City ab.all also be entitled to recover its costs, expenses and reasonable attorney fees. ARTICLE XI PROlllBI~ONS AGAINST ASSIGNMENT AND TRANSFER Section 11.1 Representation as to DevelopmenL The Developer represents and agrees that its undertakings, pursuant to this Agreement, are for the purpose of development ofthe DevelopmenI Property and not for speculation in landholding, The Developer further recognizes that, in view of: (a) the importance of the development of the Development Property to the general. welfare of the City; and 26 I ! I ! I I I I: I I I I I I I I I I I