Agenda - Council - 01/10/1995 - Laserfiche WebLink

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Draft 1/4/95 ARTICLE VI TAX INCREMENT Section 6.1. Assessment A~eement. The City and the Developer shall execute the Assessment/~greement and Certification of County Assessor contained in Exhibit D of this Agreement. The City shall then present the Assessment Agreement to the county assessor for certification. '~he assessor shall assign a market value to the property which shall not be less than the minimum,market value contained in the Assessment Agreement. The market value so established may, in the discretion of the assessor, exceed the value contained in the Assessment Agreement. Sectioni6.2. Review of Taxes. Except as otherwise provided in this Agreement, the Developer shall pay all real property taxes and special assessments assessed against the Property. The Developer hgrees that prior to tax-payable year 2012: (1) It will not seek administrative review or judicial review of the applicability of any property tax sta~te determined by any tax official to be applicable to the Development Property or the Developer, ,~r raise the applicability of any such tax statute as a defense in any proceedings including delinqt!ent tax proceedings; (2) I~ will not seek administrative review or judicial review of the constitutionality of any such tax statgte determined by any tax official to be applicable to the Development Property or to the Developefi raise the unconstitutionality of such tax statute as a defense in any proceedings, including dehnq~nt proceM/ngs; (3) It ~ not request the assessor to reduce the assessed market value or tax cgpacity of all or any portion of the Development Property; (4) It will not petition the board of equalization of the City or the board of equalization of the county to lteduce the assessed market value or tax c~apacity of all or any portion of the Development ProL~erty; ~- (5) It will not petition the board of equalization or commissioner of revenue of Minnesota to redBce the assessed market value or tax capacity of all or any portion of the Development Property; (6) 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 of the Development l:~perty (7) 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 (8) It will not commence any other proceedings, whether administrative, legal or equitable, with any ~flmlnistrative body within the City, county, or the state, or with any court of the state or the federal government vath regard to the mm~mum market value contained m the Assessment Agreerhent. The Developer shall not, prior to tax-payable year 2012, apply for a deferral of property ~x on the Development Property. Nothing contained herein shall be deemed to limit the right or eppommity of the Developer to challenge through any of the means set forth above, or otherwisei that part of any valuation or the market value which is in excess of the stipulated value confc.ined in the Assessment Agreement; provided, however, that the Developer may not institute or prosecute any challenge to the excess which ff successful would also result in a reduction of the assessment below the stipulated value. Page 12