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<br /> ARTICLE VI
<br />TAX INCREMENT
<br />
<br /> Section 6.1. Assessmenl A~_'eement. The Cily and the Developer shall execute the Assessment
<br />Agreement and Certification of County Assessor conlained itl Exhibit D of this Agreement. The City shall then
<br />present the Assessment Agreement to the county assessor f.or certification. The assessor shall assign a market value
<br />to the property which shall not be Jess than v.:,,~ ~,~r:.:~ ~.:~,, ~.],,~m.~a v,:,r,y '~, ...... a ,~,~ n~nnn Dcllar~
<br />($5,~50,000.00). The mm'kel value so established ma),, in the,discretion of the assessor, exceed the Minimum
<br />Market Value.
<br />
<br /> Section 6.2. }Review of Taxes. Except as otherwise provided in this Agreement. the Developer shall
<br />pay all real property taxes and special assessments assessed against the Development Property. The Developer
<br />agrees that prior to the Maturity Date:
<br />
<br /> (I) It will not seek administrative review or judicial review of the applicability of any property tax
<br />statute determined by nny tax official to be applicable to the Development Properly or the Developer, or raise the
<br />applicability of any such tax statute as a defense in any proceedings including delinquent tax proceedings;
<br />
<br /> (2) It will not seek administrative revimv or judicial review of the constitutionality of any such tax
<br />statute dete~xnined by any tax'official to be applicable to thc Development Property or to the Developer, or raise the
<br />unconstitutionality of such tax slatute as a defense in any proceedings, including delinquent proceedings;
<br />
<br /> (3) It will not request the assessor to reduce the assessed market value or tax capacity of all or any
<br />portion of the Development Property;
<br />
<br /> (4) It will not petition the board of equalization of the City or the board of equalization of the county
<br />to reduce the assessed market value or tax capacity of all or any portion of' the Development Property;
<br />
<br /> (5) It will nol pelition thc board of equalization or commissioner of revenue of Minnesota to reduce
<br />the assessed market value or tax capacity of all or any poilion of the Development Property;
<br />
<br /> (6) It will not commence an action in a district court or the tax court of the state pursuant to
<br />Minnesota Stalutes, Chapter 278, seeking a reduclion in the assessed market value or tax capacity of the
<br />Development Property;
<br />
<br /> (7) It will not make an application to the Minnesota commissioner of revenue requesting an abatement
<br />of real property taxes pursuant to Minnesota Statutes, Chapter 270; and
<br />
<br /> (8) It will not commence any other proceedings, whether administrative, legal or equitable, with any
<br />administrative body within the City, county, or the state, or with any court of the state or the federal government
<br />with regard to the Minimum Market Value contained in the Assessment Agreement. The Developer shall not, prior
<br />to the Maturity Date, apply for a deferral of p,'operty tax on the Development Property.
<br />
<br />Nothing contained herein shall be deemed to limit tile ,'ight or opportunity of the Developer to challenge
<br />through any of the means set forth above, or otherwise, thai part of any valuation or the market value which is in
<br />excess of the stipulated value contained in the Assessment Agreement; provided, however, that the Developer may
<br />not institute or prosecute any challenge to the excess which, il' successful, would also result in a reduction of the
<br />assessment below the stipulated value. Further, nothing contained herein shall be deemed to limit the right or
<br />oppo~uni~ of the Developer.lo challenge Ihrough any of the means set fo~lh above, or otherwise, the tax capacity of
<br />the Development Pro,ny; provided, however, that Developer may not institute or prosecute any such challenge for
<br />any year to the exlent that, if successful, such challenge would cause the Net Tax Increment generated by the
<br />Development Property for such year to be less Ihan ~ ~ r....m.~.~ e:..,) ....... XT[n~ ~ ....,..~ e:..,. ~:~u, .~a ann
<br /> ................................................. ~ ~'o ............ O0
<br />
<br /> Section 6.3. rSgreemenl to Pay Deficiencies. Tile Developer and the City shall execute the Agreement
<br />to Pay Deficiencies contained in this Agrcemenl as Exhibit H.
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<br />Page 12
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