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CCP 08-18-1997
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CCP 08-18-1997
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<br /> . <br /> (a) Real property taxes and installments of special assessments payable with respect <br /> to tbe Authority Acquisition Property shall be prorated between the Redeveloper and Authority <br /> as of the date of conveyance thereof to the Redeveloper. <br /> (b) The Redeveloper agrecs that prior to the Tcrmination Date it will not take any of <br /> the following actions to the extent that it would reduce the Market Value of any Parcel of the <br /> Redevelonment Property or the Redevelopcr Prorertv below the minimum markct values to be <br /> estab lished m the Assessment Agreements ~\:lal Tal' Inerament ;enerated frem the <br /> PceelevelopF\en: FraIlert)' (alul Rellenl6jler Frepert)'?) belo'" !he amoun:5 !;"-df<IHteed by the <br /> Redeveloper liBder Seetion ~.Ipllrsuant to Scction 65: (I) it will not seek administrative review <br /> - or judicial review of the applicability of any tax statutc determined by any Tax Official to bc <br /> applicable to the Project or thc Redeveloper or raise the inapplicability of any such tax statute as <br /> a defense in any proceedings, including delinquent tax proceedings; (2) it will not seek <br /> administrative review or judicial review of the constitutionality of any tax stalLlte determined by <br /> any Tax Official to be applicable to the Projcct or the Redevcloper or raise the <br /> tmconstitutionality of any such tax stalute as a defense in any proceedings, including delinquent <br /> tax proceedings; (3) it will not cause a reduction in the Market Value of the Redevelopment fand <br /> Redeveloper Propcrtyf) below the Minimum Market Value set forth in the Assessment <br /> Agreement to be entered into pursuant to Section 6.5 through: (A) willful destruction of the <br /> . Redevelopment Property {and Redeveloper Propertyf), or any part thereof; (B) willful refusal to <br /> reconstruct damaged or destroyed property pursuant to Section 5.1 of this Agreement; (C) a <br /> request to the city assessor of the City or the county assessor of the County to reducc the Market <br /> Value of all or any portion of the :Redevelopment Property {a11d Redeveloper Property~; (D) a <br /> petition to the board of equalization of the City or the board of equalization of the County to <br /> reduce the Market Value of all or any portion of the Redevelopment Property {and Redeveloper <br /> Property~: (E) a petition to the board of equalization of the State or the commissioner ofreverue.. <br /> of the State to reduce the Market Value of all or any portion of the Redevelopment Property <br /> fmtdlilllLRedeveloper Property~; (F) an action in a District Court of the State or the Tax Court <br /> - of the State pursuant to Minnesota Statutes. Chapter 278, seeking a reduction in the Market <br /> - Value of the :Redevelopment PreJlerty (and Redeveloper Propertyf); (G) an application to the <br /> commissioner of revenue of the Slate requesting an abatement oheal property taxes pursuant to <br /> I Minnesota Statutes Chapter 270; and (H) any other proceedings, whether administrative, legal or <br /> equitable, with any administrative body within the City, the County, or the State or with any <br /> court of the State or the federal govcmment. The Redeveloper shall not, prior to the Termination <br /> I Date, apply for a deferral of property tax on the Redevelopment Property fand Redeveloper <br /> Property~ pursuant to Minnesota Statutes. Section 469.181. <br /> I Section 6.4. Use of Tax Increment. The Redevelopment Property is located in the Tax <br /> Increment District. The Authority shall be free to usc any tax increment received from the Tax <br /> Increment District for any purpose for which such increment may lawfully be used pursuant to <br /> I the provisions of the Act and the Tax Increment Act, and the Authority shall have no obligations <br /> to the Redeveloper with respcct to the use of such increment. rhe A..n19rity will pledge niRe~' <br /> ,. percent (90~() of tlte Tal( Increment ts the jla)'mGd of the gonds, with the remaHHB.;; ten jlElfeent <br /> (IQ~/") sem;; ratameds)' the Autherity-te pay it5-llllmiillstrati..-e 60StS. <br /> I 23 <br /> 60/t0 . d 6v0.'. .'.C:6 C:B '~'d '3~I3a ~ A3la~da 61':9. .'.66.-H-911t! <br />
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