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CCP 06-15-1992
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CCP 06-15-1992
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<br /> .... ARTICLE V <br /> Tax Increment <br /> Section 5.1. Real Property Taxes. (a) The Developer shall <br /> pay when due all real property taxes payable with respect to the <br /> Development Property. <br /> (b) The Developer agrees that prior to the Termination Date <br /> it will not take any of the following actions to the extent that <br /> such actions would result in a reduction in the tax increment <br /> generated by the Minimum Improvements below the amount of $78,000 <br /> in any year: (1) seek administrative review or judicial review of <br /> the applicability of any real estate tax statute determined by any <br /> Tax Official to be applicable to the Development Property or <br /> Minimum Improvements or raise the inapplicability of any such real <br /> estate tax statute as a defense in any proceedings, including <br /> delinquent tax proceedings; and (2 ) seek administrative review or <br /> judicial review of the constitutionality of any real estate tax <br /> statute determined by any Tax Official to be applicable to the <br /> Development Prope rty or Minimum Improvements or raise the uncon- <br /> stitutionality of any such real estate tax statute as a defense in <br /> any proceedings, including delinquent tax proceedings. <br /> ~ (c) The Developer further agrees that it will not, prior to <br /> termination date, request the County Assessor to assess the <br /> Development Property and the Minimum Improvements on any basis <br /> other than as Class 4c residential real estate under Minnesota <br /> Statutes, Section 273.13, Subd. 25. <br /> Section 5.2. Assessment A~reement. The Developer and the <br /> City shall execute the Assessment Agreement, substantially in the <br /> form of the Assessment Agreement contained in Schedule B of this <br /> Agreement. The Assessment Agreement shall provide that the <br /> Assessed Market Value of the Minimum Improvements upon completion <br /> of the Minimum Improvements shall be equal to $1,458,153. <br /> Section 5 . 3 . Tax Increment. As the tax increment is <br /> collected each year. starting in 1992, ten percent (10%) shall be <br /> paid to the City to reimburse it for expenses of Administering the <br /> - the <br /> Development Program; and ninety percent (90%) shall be paid to <br /> Developer to reimburse it for land acquisitions and site improve- <br /> ments up to the amount of $905,000. This $905,000 shall earn <br /> interest at the rate of nine percent (9") per annum on the unpaid <br /> amount or the interest rate payable on the Revenue Bonds, as noted <br /> in Section 6.3 of the Agreement, whichever interest rate is lower. <br /> The payment of interest is only payable from the 90" of tax <br /> increment available to the Developer or assignee. Payments shall <br /> be applied first to interest due and the balance for principal. <br /> , No tax increment shall be collected or paid after December 30, <br /> 2U03, the termination date. <br /> , <br /> 12 <br />
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