Agenda - Council - 12/09/2025 - Laserfiche WebLink

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determined by any tax official to be applicable to the Project or the Developer or raise the unconstitutionality of any such tax statute as a defense in any proceedings, including delinquent tax proceedings with respect to the Development Property; provided, however, "tax statute" does not include any local ordinance or resolution levying a tax. (3) It will not seek any tax deferral or abatement, either presently or prospectively authorized under Minnesota Statutes, Section 469.1813, or any other State or federal law, of the ad valorem property taxation of the Development Property between the date of execution of this Agreement and the Termination Date (4) Prior to January 1, 2034, the Developer may seek through petition or other means to have the market value for the Development Property reduced. Until the TIF Note is fully paid, such activity must be preceded by written notice from the Developer to the City indicating its intention to do so. Upon receiving such notice, or otherwise learning of the Developer's intentions, the City may suspend payments due under the TIF Note until the actual amount of the reduction is determined, whereupon the City will make the suspended payments less any amount that the City is required to repay the County as a result any reduction in market value of the Development Property. During the period that the payments are subject to suspension, the City may make partial payments on the TIF Note if it determines, in its sole and absolute discretion that the amount retained will be sufficient to cover any repayment which the County may require. The City's suspension of payments on the TIF Note pursuant to this Section shall not be considered a default under this Agreement. (5) Commencing January 1, 2034 and until the Termination Date, the Developer will not seek a reduction in the market value as determined by the Anoka County Assessor of the Project or any facilities located or to be located on the Development Property, pursuant to the provisions of this Agreement, for so long as the TIF Note remains outstanding. Section 3.6 Legal and Administrative Expenses. The Developer shall pay the Legal and Administrative Expenses incurred by the City. Section 3.7 Business Subsidies Law. (1) In order to satisfy the Business Subsidy Law, the Developer acknowledges and agrees that: (i) the amount of the Business Subsidy granted to the Developer by the City under this Agreement is $360,000, which is the Reimbursement Amount and (ii) the Business Subsidy is needed because the Project is not sufficiently feasible for the Developer to undertake without the Business Subsidy. The public purpose of the Business Subsidy is to preserve and increase the tax base in the City, and create high -qualify job growth in the City. The Developer agrees that it will meet the following goals (the "Goals") in connection with the development of the Development Property: the Developer will create at least fifty-five (55) full time jobs at an minimum hourly wage, exclusive of benefits, of $21.00 per hour within two years from the "Benefit Date", which is the earlier of the date the Developer completes or occupies the Project (2) If the Goals are not met, the Developer agrees to repay the City all or a part of the Business Subsidy to the City, plus interest ("Interest") set at the implicit price deflator defined in Minnesota Statutes, Section 275.70, Subdivision 2, accruing from and after the Benefit Date, 7 196118333v1