Agenda - Council - 09/22/2015 - Laserfiche WebLink

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(h) It will not commence any other proceedings, whether administrative, legal or equitable, with any administrative body within the City, county, or the state, or with any court of the state or the federal government with regard to the Minimum Market Value contained in the Assessment Agreement , The Developer shall not, prior to the Maturity Date, apply for a deferral of property tax on the Development Property Nothing contained herein shall be deemed to limit the right or opportunity of the Developer to challenge through any of the means set forth above, or otherwise, that part of any valuation or the market value which is in excess of the stipulated value contained in the Assessment Agreement, provided, however, that the Developer may not institute or prosecute any challenge to the excess which, if successful, would also result in a reduction of the assessment below the stipulated value Further, nothing contained herein shall be deemed to limit the right or opportunity of the Developer to challenge through any of the means set forth above, or otherwise, the tax capacity of the Development Property, provided, however, that Developer may not institute or prosecute any such challenge for any year to the extent that, if successful, such challenge would cause the Net Tax Increment generated by the Development Property for such year to be less than is Ten Thousand Dollars and 00/100's Dollars ($10,000) Section 5 3. Agreement to Pay Deficiencies The Developer and the City shall execute the Agreement to Pay Deficiencies contained in this Agreement as Exhibit F Section 5 4 Right to Collect Delinquent Taxes The Developer acknowledges that the City is providing substantial aid and assistance in furtherance of the Project through tax increment financing The Developer understands that the increment will be used to reimburse the City for the Financial Assistance and, therefore, the real estate taxes must 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 obhgated by reason of this Agieement to pay before delinquency all real estate taxes due and payable with respect to the Development Property prior to the Maturity Date based upon the Minimum Market Value as stipulated in the Assessment Agreement The Developer acknowledges that this obligation creates a contractual right on behalf of the City to sue the Developer or its successors and assigns to collect such delinquent real estate taxes and any penalty or interest thereon and to pay over the same as a tax payment to the county auditor 13