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12/14/10 Special
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12/14/10 Special
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Meetings
Meeting Document Type
Agenda
Document Title
Housing & Redevelopment Authority - Special
Document Date
12/14/2010
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Section 8.7 Submission of Financial Information. On or before April 1, 2014 and on <br />or before each April 1 thereafter until April 1, 2029, the Developer must provide the City with a <br />statement from a certified public accountant setting forth the "Net Cash Flow," "Net Operating <br />Expenses" and "Operating Expenses," as defined in the Development Agreement, for the <br />immediately preceding calendar year and with such back-up documentation regarding income, <br />expenses and debt service as the City may reasonably request to confirm the certified public <br />accountant's calculation of "Net Cash Flow," "Net Operating Income" and "Operating Expenses." <br />The certified public accountant who prepares the statement may be an employee of Borrower or <br />an Affiliate of Borrower. <br />ARTICLE IX <br />CONTINGENCY FOR RAIL STOP <br />Section 9.1 Contingency for Rail Stop. At any time on or before January 28, 2011, the <br />City or Developer may terminate this Agreement by written notice to the other and to the HRA <br />and they are not comfortable that the City will secure a stop on the North Star Commuter Rail <br />line and complete construction of a rail stop on or before July 1, 2012. Upon such termination, <br />the parties will have no further rights or obligations to the other parties under this Agreement <br />except with respect to rights or obligations that this Agreement expressly states are to survive the <br />termination of this Agreement. <br />ARTICLE X <br />PARKING RAMP IMPROVEMENTS <br />Section 10.1 Parking Ramp Improvements. As a part of the City's construction of the <br />Parking Ramp Addition, the City will cause its contractors to construct and install the additional <br />improvements described on Exhibit H. Upon the City's completion of the additional <br />improvements described on Exhibit H, Developer must reimburse the City for all costs and <br />expenses the City incurs to construct and install the additional improvements described on <br />Exhibit H. <br />ARTICLE XI <br />REAL ESTATE TAX PAYMENTS AND ASSESSMENT AGREEMENT <br />Section 11.1 Real Property Taxes. Developer agrees that prior to December 31, 2038: <br />(a) It will not seek administrative review or judicial review of the <br />applicability of any tax statute relating to the taxation of all or any portion of the Development <br />Property determined by any tax official to be applicable to the Development Property or <br />Developer or raise the inapplicability of any such tax statute as a defense in any proceedings, <br />including delinquent tax proceedings; provided, however, "tax statute" does not include any local <br />ordinance or resolution levying a tax; <br />(b) It will not seek administrative review or judicial review of the <br />constitutionality of any tax statute relating to the taxation of all or any portion of the <br />13 <br />2695614v7 <br />12/07/10 <br />
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