7.0. EDSR 05-11-1998 - Laserfiche WebLink

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Sent by: DRB MINNEAPOLIS 6123405584; 05/07/98 12:58; Jetrax #801 ;Page 18/39 • ARTICLE VI. Tabes: Assement Agreement Section 6.1 Real Prosy Taxa. (a) The Developer 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. (b) The Developer agrees that during the term of this Agreement: (i) it will not seek administrative review or judicial review of the applicability of any tax statute determined by any Tax Official to be applicable to the Development Project, or raise the inapplicability of any such tax statute as a defense in any proceedings, including delinquent tax proceedings; (ii) it will not seek administrative review or judicial review of the constitutionality of any tax statute determined by any Tax Official to be applicable to the Development Property or raise the unconstitutionality of any such tax statute as a defense in any proceedings,including delinquent tax proceedings; (iii) it will not cause a reduction in the market value of the Development Property below Two Million Dollars ($2,000,000.00) through: (A) willful destruction of the Development Property or any part thereof; (B)willful refusal to reconstruct damaged or destroyed property; (C) a request to the county assessor of the County to reduce the market value of all or any portion of the Development Property; (D) a petition to the board of equalization of the City or the board of equalization of the County to reduce the market value of all or any portion of the Development Property; (E) a petition to the board of equalization of the State or the commissioner of revenue of the State to reduce the market value of all or any portion of the Development Property; (F) an action in a District Court of the State or the Tax Court of the State pursuant to Minnesota Statutes, Chapter 278, seeking a reduction in the market value of the Development Property;(G)an application to the commissioner of revenue of the State requesting an abatement of real property taxes pursuant 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 Developer shall not, during the term of this Agreement, apply for a deferral of property tax on the Development Property pursuant to Minnesota Statutes, Section 273,86, Section 6,2 Assessment Agreement. At the time of execution of this Agreement, Developer and Authority have entered into an Assessment Agreement, pursuant to Minnesota Statutes, Section 469.177, Subdivision 8,the temis of which are incorporated herein and made a part hereof by reference. Pursuant to the Assessment Agreement, the minimum market value of the Development Property commencing on January 2, 1999 and continuing on each assessment date thereafter until the termination of this Agreement shall be Two Million Dollars ($2,000,000.00), • DeckP 548664.2 1 3