Agenda - Council - 07/14/2026 - Laserfiche WebLink

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ad valorem property taxation of the Development Property between the date of execution of this Agreement and the Termination Date. (4) The Developer shall notify the City within 10 days of filing any petition to seek reduction in market value or property taxes on any portion of the Development Property under any State law (referred to as a "Tax Appeal"). If as of any Payment Date, any Tax Appeal is then pending, the City will continue to make payments on the TIF Note but only to the extent that the Tax Increments relate to property taxes paid with respect to the market value of the Development Property not being challenged as part of the Tax Appeal and the City will withhold the Tax Increments related to property taxes paid with respect to the market value of the Development Property being challenged as part of the Tax Appeal, all as determined by the City in its reasonable discretion. The City will apply any withheld amount to the extent not reduced as a result of the Tax Appeal promptly after the Tax Appeal is fully resolved and the amount of Tax Increments, as applicable, attributable to the disputed tax payments is finalized. 3.7 Prohibition Against Transfer of Proiect and Assignment of Agreement. The Developer represents and agrees that prior to the Termination Date of this Agreement the Developer shall not transfer the Project or any part thereof or any interest therein, without the prior written approval of the City. The City shall be entitled to require as conditions to any such approval that: (1) Any proposed transferee shall have the qualifications and financial responsibility, in the reasonable judgment of the City, necessary and adequate to fulfill the obligations undertaken in this Agreement by the Developer. (2) Any proposed transferee, by instrument in writing satisfactory to the City shall, for itself and its successors and assigns, and expressly for the benefit of the City, have expressly assumed all of the obligations of the Developer under this Agreement and agreed to be subject to all the conditions and restrictions to which the Developer is subject. (3) There shall be submitted to the City for review and prior written approval all instruments and other legal documents involved in effecting the transfer of any interest in this Agreement or the Project 3.8 Additional Responsibilities of the Developer. The Developer agrees that prior to the Termination Date: (1) The Developer will not construct any building or other structures on, over, or within the boundary lines of any public utility easement unless such construction is provided for in such easement or has been approved by the utility involved. (2) The Developer, at its own expense, will replace any public facilities and public utilities damaged during the construction of the Project, in accordance with the technical specifications, standards and practices of the owner thereof. (3) The Developer will comply with all applicable local, state, and federal environmental laws and regulations, as they relate to the Project. 9 300384045v3