Agenda - Council - 05/14/1991 - Laserfiche WebLink

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I ,I I I I I I I I I I i I I I I I ! I DEVELOPMENT AGREEMENT- CEDAR HILLS vine TAX INCREMENT 28. Issuance of Note. In order to help finance the cost of the Trunk Sanitary Sewer and Trunk Watermain portion of the Public Improvements, the City shall, upon adoption of the assessment for such improvements, approve the resolution attached as Schedule B and issue to the Developer the Note. The City and the Developer agree that the consideration from the Developer for the purchase of the Note shall consist of the Developer's agreement to guarantee payment of special assessments, as provided in this Agreement and the Assessment Agreement. Except as provided in paragraph 27 herein, the principle amount of the Note purchased by the Developer shall not exceed the amount of the Special Trunk Assessment against the Subject Property as referenced in paragraph 7(a) herein. 27. Payment of City Costs. The Developer agrees that it will pay its share ("Share") of the costs of consultants and attorneys retained by the City in connection with the creation of the TIF District and the negotiation in preparation of this Agreement and other incidental agreements and documents related to the development within the TIF District. Developer's Share shall be 42.86 percent, which is the total lots to be created within the Subject Property as a percentage of the total lots to be created within the TIF District assuming completion of the Phasing Plan for Windemere Woods, Chestnut Hills and Cedar Hills (114/266-42.86%). Any amounts so paid by the Developer shall be added to the principal amount of the Note and shall be repaid from Available Tax Increment, as defined in the Note. On or before the date of this Agreement, the Developer shall pay its Share of the above-identified costs incurred by the City as of that date. The Developer shall pay any such costs incurred after the date of this Agreement within fifteen (15) days of billing by the City. 28. Review of Taxes. The Developer shall pay all real property taxes assessed against the Subject Property. The Developer agrees that through tax payable year 1999: (1) it will not seek administrative review or judicial review of the applicability of any tax statute determined by any tax official to be applicable to the Subject Property or the Developer or raise the applicability of any such tax statute as a defense.in any proceedings including delinquent tax proceedings; (2) it .,.,{~! 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 Subject Property or to the Developer or raise the unconstitutionality of such tax statute as a defense in any proceedings, including delinquent proceedings; (3) it will not request the assessor to reduce the assessed market value or tax capacity of all or any portion of the Subject Property; (4) 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 of all or any portion of the Subject Property; (5) it will not petition the board of equalization or commissioner of revenue of Minnesota to reduce the assessed market value or tax capacity of all or any portion of the Subject Property; (6) it will not commence an action in a district court or 13