Agenda - Council - 03/24/2015 - Laserfiche WebLink

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Assessors execution of the required certification, the City and Developer will modify the schedule of minimum market values to the minimum extent necessary to obtain the County Assessors Certification; and (b) If the amount of the TIF Note is determined pursuant to Section 6.2(c), the City and Developer will amend Exhibit B of the Assessment Agreement so that the minimum market values for the years 2014 — 2036 are equal to the assessed value that the Anoka County Assessor establishes for the Development Property for purposes for real property taxes assessed in the year following the year of which the City issues the Certificate of Completion, and the minimum market value for 2013 is 30% of the minimum market value for 2014. DEVELOPER MUST RECORD THE ASSESSMENT AGREEMENT AGAINST TITLE TO THE DEVELOPMENT PROPERTY PRIOR TO THE RECORDING OF ANY MORTGAGE OR OTHER LIEN ON THE DEVELOPMENT PROPERTY THAT DEVELOPER GRANTS TO THIRD PARTY OR, IF SUCH THIRD PARTY MORTGAGE OR LIEN IS RECORDED FIRST, MUST OBTAIN AND RECORD AN INSTRUMENT WHEREBY THE HOLDERS OF SUCH MORTGAGE OR LIEN ACKNOWLEDGE AND AGREE THAT THEY AND THEIR SUCCESSORS AND ASSIGNS ARE SUBJECT TO THE RIGHTS OF THE CITY UNDER THE ASSESSMENT AGREEMENT. IF THE ASSESSMENT AGREEMENT IS AMENDED PURSUANT TO SECTION 10.2(B) ABOVE, DEVELOPER MUST CAUSE ANY PARTIES HOLDING LIENS ON THE DEVELOPMENT PROPERTY TO EXECUTE A CONSENT TO THE ASSESSMENT AGREEMENT . AMENDMENT SUFFICIENT TO CAUSE THE LIEN HOLDERS INTEREST IN THE PROPERTY TO BE SUBJECT TO THE ASSESSMENT AGREEMENT, AS AMENDED. ARTICLE XI RESTRICTIONS ON ASSIGNMENTS AND TRANSFERS, SUBORDINATION AND RENTAL RESTRICTIONS Section 11.1 Prohibition against Transfer of the Development Property; Assignment of Development Agreement; Assignment of the TIF Note and Transfer of Membership Interests in Developer. Prior to Developer's substantial completion of the Minimum Improvements and the City's issuance of the Certificate of Completion described in Section 5.5, Developer may not, except as set forth in Section 11.2 and Section 11.5, convey; mortgage; lease, other than in the ordinary course of Developer's business; or otherwise transfer the Development Property or any part thereof or interest therein; assign its rights or . obligations under this Development Agreement; or assign the TIF Note, without the prior written approval of the City and the HRA, which approval the City and the HRA may grant, withhold or condition in their sole and absolute discretion. Until Borrower has repaid all amounts due under Loan No. 1 and Loan No. 2, Borrower may not, without the HRA's prior written consent, which consent the HRA may grant or withhold in its sole and absolute discretion, convey, mortgage, transfer, pledge or otherwise transfer or encumber all or any part of the membership interests in Developer (except for the pledge of such membership interest to the HRA contemplated in the Loan Agreement). 18 2695614v16