Agenda - Council - 09/23/1997 - Laserfiche WebLink

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Development Property for such year to be less than Thirty-six Thousand Seven Hundred Thirty-two and 59/100 Dollars ($36,732.59) for Phase One and Twenty-four Thousand Seven Hundred Seventy-two and 09/100 Dollars ($24,772.09) for Phase Two. Section 6.3. _Agreement to Pay Deficiencies. The Developer and the City shall execute the Agreement to Pay Deficiencies contained in this Agreement as Exhibit G. Section 6.4 Right to Collect Delinquent Taxes. 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 Properly prior to the Maturity Date based upon the minimum 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 shall also be entitled to recover its costs, expenses and reasonable attorney fees. Page 15