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

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DEYELOPMENT AGREEMENT - CHESTNUT HILLS 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 · '~:~is Agreement and other incidental agreements and documents related to the a~,Jelopment within the TIF District. Developer's Share shall be 19.55 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 (52/266-19.55%). 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 will not seek administrative review or judicial review of the constitutionality of any such taxx 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 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. Right to Collect Delinauent Taxes. The Developer acknowledges that 'clie 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 lots in the Plat, to collect delinquent real estate 13