7.5. SR 07-15-2013 - Laserfiche WebLink

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with taxes payable in 2034. The City Tax Abatement will reduce all of the City taxes for the Property, and the total amount of the Abatement will not exceed $1,615,908. The City shall retain the City Tax Abatement and apply it to the payment of all or portion of the costs of acquiring or constructing the Project. (b) The County Tax Abatement is hereby granted in respect of property taxes levied by the Count on the Property for twenty years, commencing with taxes payable in 2015 and concluding with taxes payable in 2034. The County Tax Abatement will reduce all of the County taxes for the Property, and the total amount of the Abatement will not exceed 1,615,908 (principal of$576,939.00 plus interest at the rate of three percent (3%) on the unpaid principal balance from the Benefit Date). The County Tax Abatement amount shall be paid to the City annually to reimburse the City for the County's share of the payment for all or portion of the costs of acquiring or constructing the Project. Section 3.6 Real Property Taxes. The Developer shall, so long as this Agreement remains in effect, pay all real property taxes with respect to all parts of the Property owned by it which are payable pursuant to any statutory or contractual duty that shall accrue until title to the Property is vested in another person. The Developer agrees that for tax assessments so long as this Agreement remains in effect: (a) It will not seek administrative review or judicial review of the applicability of any tax statute relating to the ad valorem property taxation of real property contained on the Property determined by any tax official to be applicable to the Project or the Developer or raise the inapplicability of any such tax statute as a defense in any proceedings with respect to the Property, including delinquent tax proceedings; provided, however, " tax statute" does not include any local ordinance or resolution levying a tax; (b) It will not seek administrative review or judicial review of the constitutionality of any tax statute relating to the taxation of real property contained on the Property determined by any tax official to be applicable to the Project or the Developer or raise the unconstitutionality of any such tax statute as a defense in any proceedings, including delinquent tax proceedings with respect to the Property; provided, however, " tax statute" does not include any local ordinance or resolution levying a tax; (c) It will not seek any tax deferral or abatement, either presently or prospectively authorized under Minnesota Statutes, Section 469.181, or any other State or federal law, of the ad valorem property taxation of the Tax Abatement Property so long as this Agreement remains in effect. ARTICLE IV BUSINESS SUBSIDY Section 4.1. Assistance. The Business Subsidy consists of the City Tax Abatement and the County Tax Abatement pursuant to this Agreement and the Tax Abatement Act. Section 4.2. Wage Level and Job Creation Goals. In order to satisfy the provisions of Minnesota Statutes, Sections 116J.993 to 116J.995 (the "Business Subsidies Act"), the Developer Acknowledges and agrees that the amount of the "Business Subsidy" granted to the 171419v1 7