CCP 07-21-1997 - Laserfiche WebLink

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I I if ARTICLE VI Tax Increment I Section 6.1. Tax Increment Guarantee. It is the intention of the Authority and the Redeveloper that the costs of the Phase I Public Improvements and the Phase III Public Improvements will be paid using the Tax Increment which will be generated from the completed I Minimum Improvements (and from the Redeveloper Property?). In order to effectuate this understanding the Redeveloper agrees to guarantee that minimum levels of Tax Increment will be paid to the Authority after the date hereof. Therefore, if in calendar year 199_ and I continuing until the Termination Date, the Tax Increment generated by the Redevelopment Property (and the Redeveloper Property?) is less than $ in any year or if in I calendar year 199_ and continuing until the Termination Date, the Tax Increment generated by the Redevelopment Property (and the Redeveloper Property?) is less than $ in any year, the Authority shall provide notice to the Redeveloper of such fact and the amount of I the deficiency in Tax Increment. Thirty (30) days after receipt of such notice the Redeveloper shall be liable for and shall pay to the Authority the amount of such deficiency. The Authority may make demand for such payment as of May 15 and October 15 of each year with the amount I payable as of such dates being equal to the amount of the Tax Increment deficiency attributable to the tax payment due as of such date. The obligation of the Redeveloper to make the payments as provided in this Section 6.1 of this Agreement shall be absolute and unconditional irrespective Ie of any defense or any rights of setoff, recoupment or counterclaim it might otherwise have against the Authority or any other government body or other person. The Redeveloper shall not fail to make any required payments for any cause or circumstances whatsoever including the I failure or refusal of a bank to honor a demand under a letter of credit, any change in law, or any other event even if beyond the control of the Redeveloper, including, without limitation, any I change in the State tax laws resulting in a lower tax rate for properties such as the Redevelopment Property. I Section 6.2. Tax Increment Certification. The Tax Increment District has been established and the County auditor of the County has certified the original tax capacity of the Tax Increment District pursuant to Minnesota Statutes, Section 469.177. I Section 6.3. Real Property Taxes. I (a) Real property taxes and installments of special assessments payable with respect to the Authority Acquisition Property shall be prorated between the Redeveloper and Authority I as of the date of conveyance thereofto the Redeveloper. (b) The Redeveloper agrees that prior to the Termination Date it will not take any of I the following actions to the extent that it would reduce the annual Tax Increment generated from the Redevelopment Property (and Redeveloper Property?) below the amounts guaranteed by the Redeveloper under Section 6.1: (l) it will not seek administrative review or judicial review of .. the applicability of any tax statute determined by any Tax Official to be applicable to the Project or the Redeveloper or raise the inapplicability of any such tax statute as a defense in any I 18