CCP 09-22-1997 - Laserfiche WebLink

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- ------- - ------- . commissioner of revenue of the State to reduce the Market Value of all or any portion of the Redevelopment Properly; (F) an action in a DistricI Court of the State or the Tax Court of the State pursuant to Minnesnla ~tatutes Chapter 278, seeking a reduclion in the Market Value of the Redevelopment; (G) an application 10 the commissioner of revenue of the State requesting an abatement ofreaJproperty taxes pursuanl to Minnesota Statutes, Chapter 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 pursuant 10 Minnesota Statutes. Section 469.181. -. Section 6,4, Use oCTax Increment. (a) The Redevelopment Property is located in the Tax Increment District. Excepl as provided in subsection (b) of this Section, the Authority shall be free to use any tax increment received from the Tax Increment District for any putpose for which such increment may lawfully be used pursuant to the provisions of the Act and the Tax Increment Act, and the Authority shall have no obligations to the Redeveloper with respect to the use of such increment, except as expressly set forth herein, (b) In the event thaI the value actually given for real property tax PllIposes to the Prior Improvements and Amberlack Property is higher in any year than the minimum market value established for such property in the Assessment Agreement relating to such property, the . additional Tax Increment generated in such year as a result of such higher value shall be used by the Authority in accordance with this subsection. Such additional Tax Increment shall be used to pay the following costs in the following order: (i) First, the Authority shall reserve the additional Tax Increment to be used to pay any amount of the cost of the 14th Street Improvements or the Highway 96 Improvements for which the Authority has insufficient proceeds oflhe Bonds to do so. The Authority shall have no obligation to use such additional Tax Increment for any other pllIpose unli! the Authority has determined the amount of all costs of the 14th Streel Improvements or the Highway 96 Improvemen15, (ii) Second, the Authority shall 'reserve the additional Tax Increment to be used to pay any amount of the cost of the West Round Lake Road Improvements that is not assessed against properties benefited by such improvemenls. (ill) Third, to reimburse Amberlack and the Redeveloper for its payment of special assessments for the West Round Lake Road Improvements in the order and as described in Section 3.6 of this Agreement. (iv) Fourth, the Authority shall use such additional Tax Increment to reimburse the Redeveloper for its payment of any installment of the Assessments. Such reimbursement shall only be made at such time as the Authority has determined that no costs described in (i) or (ii) remain to be paid. The Authority shall only be obligated to reserve the additional Tax Increment . generated in years that Assessments are outstanding on the Redevelopment Property. At such time as there are no Assessments outstanding with respect to the Redevelopment Property, the 23 81O'd GN'l1.. I..GG 10,9 '~'d '3~t3a ~ A3la~~a ,,,,s, I..GG,-G,-d3S -------.------.-