CCP 09-22-1997 - Laserfiche WebLink

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. (d) The reduction in the outstanding amount of any Assessments by virtue of the completion of a Phase as described in (d) above s.hall nol be effective until the date that the Authority receives the first payment of Tax Increment generated based on the completed Phase unless the City has from the proceeds of the Bonds sufficient capitalized interesl to pay all Bond debt service payments that will be rcquired to be made until the first payment of Tax Increment based on the completed Phase or unless the Redeveloper provides a letter of credit or other security to assure that the City will have revenues to make such Bond payments, in which cases the reduction in the Assessments will occur at thc time of the issuance of a. certificate of occupancy by the City for the phase, Until such time as the Assessments are released, the Assessments shall remain a lien on the parcel and shall be payable in accordance with Section 6.1, Notwithstanding the foregoing, if after completion of a Phase, the Redeveloper makes a tax payment that includes both a payment of an installment of the Assessments and TaX Increment that is received by the Authority, the Authority will use the Tax Increment that is received to reimburse the Redeveloper for its payment of the Assessment installment. (e) The obligation of the Authority or City to reduce or discharge the AssesSJllcnts on a Parcel as described in subsections (c) and (d) above shall be subject to satisfaction of the following conditions precedent: (i) The Redeveloper shall nol at such time be in default with respect to any of its . monetary obligations under this Agreement; and (ii) The Assessment Agreement for the phase on such Parcel shall have been executed by the Authority, the Redeveloper, and the County Assessor of the County and shall have been recorded against the subject property as described in Section 6.S. , Section 3.6, West Ronnd T .ake Road I"'lW"vements. If the Authority and eity determine to proceed with the West Round Lake Road Improvements using the proceeds of the Bonds issued to finance the 14th Street Improvements and the Highway 96 Improvements, it may do so and the cost of such improvements may be added to the Bonds and may be assessed against all benefited properties. The Redeveloper agrees that the Redevelopment Property will be benefited by such improvements and that it will not object to the undertaking of the improvement project as an improvement project under Minnesota Statutes, Chapter 429. The project will be assessed in accordance with the City's policies relative to the assessment of public improvements and the Redeveloper reserves the right to contest the level of benefit attributed by the City to the Redevelopment Property relative to other properties, The Authority agrees that, to the extent that it is legally able 10 do so and without impairing its ability to assess the cost of the West Round Lake Road Improvements against other benefited properties, it will use Tax Increment generated from the Minimum hnprovements and Prior Improvements that is in excess of amounts necessary to pay the Bonds or the cost of the West Round Lake Road Improvements that are not assessed against private property to reimburse, first, subject to AmberJack's execution and delivery of the Assessment Agreement and related documents relative to the AmberJack Property . and Prior Improvements as desenl>ed in Section 6.S, AmberJack for the amount of any special assessments levied against the AIDberJack Property for the West Round Lake Road 13 81.d 61>0lo lo.o6 .ot9 '\:I'd '3)tI3a '3 A3'la~a SI:SI l.661-61-d3S - .,.- -