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

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DEVELOPMENT AGREEMENT - CEDAR HILLS 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 Property; (7) it will not make an application to the Minnesota Commissioner of Revenue requesting an abatement of real property taxes pursuant to Minnesota Statues, Chapter 270; and (8) it will not apply for a deferral of property tax on the Subject Property. 29. P~!lrht to Colteet De]inquent Taxes. The Developer acknowledges that the City is providing substantial aid and assistance in furtherance of the development of the Subject Property through the issuance of the Note. The Developer understands it is crucial that the increment pledged to pay the Note in the form of real estate taxes 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 assessed against the Subject Property. The Developer acknowledges that this obligation creates a contractual right on behalf of the City to sue the Developer or its successors and assigns, including purchasers of tots in the Plat, to collect 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 eosZs, expenses and reasonable attorneys' fees. IX. ADDITIONAL PROVISIONS 38. City Code Incorporated. Provisions of the City Charter, Subdivision Code, Zoning Code and Public Improvement Code of the City as amended to date hereof, are incorporated in this Agreement by reference. 31. A.greement Recorded. The Developer agrees that the City will record this Agreement in the office of the Anoka County Recorder, and acknowledges that the terms and provisions of this Agreement shall be a covenant on any and all deeds relating to the Subject Property, including all property within the Plat. 32. Reimbursement to the City. The Developer agrees to reimburse the City for all costs incurred by the City in defense or enforcement of this Agreement, or any portion thereof, including court costs and reasonable engineering and attorney fees. 33. Invalidity of Any Section. If any portion, section, subsection, sentence, clause, paragraph or phase of this Agreement is for any reason held to be invalid by a court of competent jurisdiction, such decision shall not effect or void any of the other provisions of this Agreement. 14 I I ! I I i I I I I i i I I I I I I