res_9424 - Laserfiche WebLink

Home

the Note. The County Auditor of Ramsey County has certified the original net tax capacity of real property within the Tax Increment District. Under the provisions of Minnesota Statutes, Section 469.177, the County Auditor will include only the original net tax capacity (subject to such subsequent adjustment as may be required by law) in the valuation upon which he or she computes the rate of all state, county, city, school district and other taxes, but will extend the rates so determined against the entire net tax capacity of such real property. The County Treasurer will remit to the City as tax increment that portion of the taxes paid each year on real property in the Tax Increment District which represents the taxes on captured net tax capacity (being net tax capacity of the property less said original net tax capacity) . The increments of the Tax Increment District may be pledged to other purposes by the City to the extent consistent with this resolution and the Development Agreement. If consistent with this resolution and the Development Agreement, the priority of such pledges may be superior, subordinate, or on a parity with the pledge made in this resolution, such priority to be determined at the time thereof. 14. No Taxes. The City shall levy no general ad valorem taxes for the payment of the Note. The Note is payable solely and only from seventy-five percent (75%) of Project Tax Increments in the manner and amount set forth in paragraph 13 of this resolution. 15. Special Obligation. The Note is not any obliga- tion of any kind whatsoever of any public body, except that the Note is a special and limited revenue obligation but not a general obligation of the City and is payable by the City only from the sources and subject to the qualifications and limita- tions stated or referenced in the Note and in this resolution. Neither the full faith and credit nor the taxing powers of the City are pledged to or available for the payment of the principal of or interest on the Note, and no property or other asset of the City is or shall constitute a source of payment of the City's obligations under the Note. The City makes no representation or covenant, express or implied, that the revenues pledged pursuant to paragraph 13 will be sufficient to pay, in whole or in part, the amounts which are or may otherwise become due and payable under the Note. Any amounts which have not become due and payable on the Note on or before the final payment date thereof (February 1, 2011) shall no longer be any debt or obligation of the City whatsoever. 355863.2 5