Agenda - Council - 08/11/1998 - Laserfiche WebLink

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Section 6.4 Right to Collect Delinquenl Taxes. The Developer acknowledges that the City is providing substantial aid and assistance in fm'therance of the development lhrough lax increment financing. The Developer understands that the incremenl will be used to reimburse the City For the cost of the Site Improvements and, therefore, the real estate taxes must be promptly and limcly [mid. To that end, the Developer agrees for itself, its successors and assigns, in addilion to lite obligation pursuanl lo statute to pay real estate taxes, that it is also obligated by reason of this Agreement to pay bel~ore dclinquen%, all real estate taxes due and payable with respect to the Development Property prior to the Maturity Date based upem the minimum market value as stipulated in the Assessment Agreement. The Developer acknowledges that Il,lis obli'gation 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 o~,,er the same as a tax payment to the county auditor. In any such suit, the City shall also be entitled to recover ils costs, expenses and reasonable attorney fees. Section 6.5 F~xces.~ Tax Tnc,'emen[, Any excess tax increment shall be retained by the city for other improvements within the Development District. Page 13 I I I I I I i I I I I I I i I I I I