Agenda - Council - 07/13/1999 - Laserfiche WebLink

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I I I I 1 I I I I I I I I I I I I TAX INCREMENT Section 6.1. Assessment Agreement. The City and the Developer shall execute the Assessment Agreement and Certification of County Assessor contained in Exhibit D hereto. The City then shall present the Assessment Agreement to the county assessor for certification. The assessor shall assign a market value to the property which shall not be less than Seven Hundred Fifty Thousand and 00/100 Dollars ($750,000.00). The market value may, in the discretion of the assessor, exceed the Minimum Market Value. Section 6.2. Review of Taxes. Except as otherwise provided in this Agreement, 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: (a) It will not seek administrative review or judicial review of the applicability of any property tax statute determined 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; (b) It will not seek administrative review or judicial review of the constitutionality of any such tax statute determined by any tax official to be applicable to the Development Property or to the Developer, or raise the unconstitutionality of such tax statute as a defense in any proceedings, including delinquent proceedings; (c) It will not request the assessor to .reduce the assessed market value or tax capacity City of all or any portion of the Development Property; (d) 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 tax capacity City of all or any portion of the Development Property; (e) It will not petition the board of equalization or commissioner of revenue of Minnesota to reduce the assessed market value or tax capacity City of all or any portion of the Development Property; (f) It will not commence an action in a district court or the tax court of the state pursuant to Minnesota Statutes, Chapter 278, seeking a reduction in the assessed market value or tax capacity City of the Development Property; (g) It will not make an application to the Minnesota commissioner of revenue requesting an abatement of real property taxes pursuant to Minnesota Statutes, Chapter 270; and (h) It will not commence any other proceedings, whether administrative, legal or equitable, with any administrative body within the City, county, or the state, or with any court of the state or the federal government with regard to the Minimum Market Value contained in the Assessment Agreement. The Developer shall not, prior to the Maturity Date, apply for a deferral of property tax on the Development Property. Nothing contained herein shall be deemed to limit the right or opportunity of the Developer to challenge through any of the means 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 Agreement; provided, however, that the Developer may not institute or prosecute any challenge to the excess which, if successful, 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 Developer to challenge th.rough any of the means set forth above, or otherwise, the tax capacity City of the Development Property; provided, however, that the Developer may not institute or prosecute any such challenge for any year to the extent that, if successful, such challenge would cause the Net Tax Increment generated by the Development Property for such year to be less than Thirteen Thousand Five Hundred and 00/100 Dollars ($13,500.00). Section 6.3. Agreement to Pay Deficiencies. The Developer and the City shall execute the Agreement to Page 12