3.2. EDSR 02-02-1998 - Laserfiche WebLink

Home Browse Search

• ARTICLE VI Taxes; Tax Increment • Section 6.1. Real Property Taxes. The Redeveloper shall pay or cause to be paid when due and prior to the imposition of penalty all real property taxes and installments of special assessments payable with respect to the Development Property. Section 6.2. Tax Increment. Subject to the limitations contained in the Note, the Authority hereby pledges to the payment of the Note a portion of the Tax Increment generated from the Development Property and completed Minimum Improvements. The Redeveloper acknowledges that the Authority has made no warranties or representations to the Redeveloper as to the amounts of Tax Increment that will be generated or that the "Available Tax Increment", as defined in the Note, will be sufficient to pay the Note in whole or in part. Nor is the Authority warranting that it will have throughout the term of this Agreement and the Note the continuing legal ability under State law to apply Tax Increment to the payment of the Note, which continued legal ability is a condition precedent to the Authority's obligations under the Note. To the extent that in any year or years the Authority receives Tax Increment in excess of the amounts necessary to pay amounts due under the Note, the Authority shall be free to use such excess Tax Increment for any purpose for which such Tax Increment may used under the Tax Increment Act. Likewise, amounts deducted from Tax Increment in determining "Available Tax Increment" under the Note shall be the Authority's property and the Authority shall be free to use such funds for any purpose it determines. 0 16