3.0.-5.0. EDSR 04-26-1993 - Laserfiche WebLink

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any portion of the Property; (D) a petition to the board of • equalization of the City or the board of equalization of the County to reduce the Assessed Market Value or tax capacity of all or any portion of the Property; (E) a petition to the board of equalization of the State or the commissioner of revenue of the State to reduce the Assessed Market Value or tax capacity of all or any portion of the 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 Assessed Market Value or tax capacity of the 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, prior to the Termination Date, apply for a deferral of property tax on the Property pursuant to Minnesota Statutes, Section 273. 86. 6 .2) Assessment Agreement. Upon execution of this Agreement, the Developer and the EDA shall enter into an Assessment Agreement substantially in the form of the Assessment Agreement contained in Schedule 8 of this Agreement. The Assessment Agreement shall provide that the minimum market value of the Minimum Improvements, including land value of the . Property, upon full completion of the Minimum Improvements, shall be equal to until the Termination Date. The Developer shall not take any actions specified in Section 6. 1 to cause a reduction in such market values. 6 .3) Right to Collect Delinquent Taxes. The Developer acknowledges that the City is providing substantial aid and assistance in furtherance of the Property. The Developer understands it is crucial that the tax increment pledged to reimburse the Authority be promptly and timely paid. To that end, the Developer agrees for itself, its successors and assigns, in addition to the obligation pursuant to state law to pay real estate taxes, that it is also obligated by reason of this Agreement to pay before delinquency all real estate taxes assessed against the Property based upon Section 6.2 and upon the Minimum Market Value as stated in the Assessment Agreement. The Developer acknowledges that this obligation creates a contractual right on behalf of the City and EDA to sue the Developer or its successors and assigns to collect delinquent real estate taxes and any penalty or interest thereon and to pay over the same as a tax payment to the County. In any such suit, the City shall also be entitled to recover its costs, expenses and reasonable attorneys fees . • 12 .