CCP 07-21-1997 - Laserfiche WebLink

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I proceedings, including delinquent tax proceedings; (2) it will not scek administrative review or I .. judicial review of the constitutionality of any tax statute determined by any Tax Official to be applicable to the Project or the Redeveloper or raise the unconstitutionality of any such tax statute as a defense in any proceedings, including delinquent tax proceedings; (3) it will not causc a reduction in the Market Value of the Redevelopment (and Redevelopcr Propcrty?) I below the Minimum Market Value set forth in the Assessment Agreement to be entered into pursuant to Section 6.5 through: (A) willful destruction of the Redevelopment Property (and Redeveloper Property?), or any part thereof; (B) willful refusal to reconstruct damaged or I destroyed property pursuant to Section 5. I of this Agreement; (C) a request to the city assessor of the City or the county assessor of the County to reduce the Market Value of all or any portion of I the Redevelopment Property (and Redeveloper Property?); (0) a petition to the board of equalization of the City or the board of equalization of the County to reduce the Market Value of all or any portion of the Redevelopment Property (and Redeveloper Property?); (E) a petition I to the board of equalization of the State or the commissioner of revenue of the State to reduce the Market Value of all or any portion of the Redevelopment Property (and Redeveloper Property?); (F) an action in a District Court of the State or the Tax Court of the State pursuant to I Minnesota Statutes, Chapter 278, seeking a reduction in the Market Value of the Redevelopment Property (and Rcdeveloper Property?); (G) an application to the commissioner of revenue of the State requesting an abatement of real property taxes pursuant to Minnesota Statutes Chapter I 270; and (H) any other proceedings, whether administrative, legal or equitable, with any administrative body within the City, the County, or the State or with any court of the State or the federal government. The Redeveloper shall not, prior to the Termination Date, apply for a .. deferral of property tax on the Redevelopment Property (and Redeveloper Property?) pursuant to Minnesota Statutes. Section 469.181. Section 6.4. Use of Tax Increment. The Redevelopment Property is located in the Tax I Increment District. The Authority shall be free to use any tax increment received from the Tax I Increment District for any purpose for which such increment may lawfully be used pursuant to the provisions of the Act and the Tax Increment Act, and the Authority shal1 have no obligations to the Redeveloper with respect to the use of such increment. The Authority will pledge ninety I percent (90%) of the Tax Increment to the payment of the Bonds, with the remaining ten percent (10%) being retained by the Authority to pay its administrative costs. Section 6.5. Assessment A!iTeement On or before , 1997, the Redeveloper I and the Authority shaU enter into an Assessment Agreement, substantiaUy in the form of the Assessment Agreement contained in Schedule C of this Agreement. The Assessment Agreement I shaU establish a Minimum Market Value for the Redevelopment Property (and Redeveloper Property?) of $ commencing on January 1, 199_, and a Minimum Market Value for the Redevelopment Property (and Redeveloper Property?) of $ I commencing on January 1, 199 _continuing until the Termination Date. I .. 19 I -