Laserfiche WebLink
Development Property to any entity whose ownership or operation of the property would result <br />in the Development Property being exempt from real property taxes under State law. <br />(b) The Developer shall notify the City within 10 days of filing any petition to seek <br />reduction in market value or property taxes on any portion of the Development Property under <br />any State law (referred to as a "Tax Appeal"). If as of any Payment Date, any Tax Appeal is <br />then pending, the City will continue to make payments on the TIF Note but only to the extent <br />that the Available Tax Increment relates to property taxes paid with respect to the market value <br />of the Development Property not being challenged as part of the Tax Appeal as determined by <br />the City in its sole discretion and the City will withhold the Available Tax Increment related to <br />property taxes paid with respect to the market value of the Development Property being <br />challenged as part of the Tax Appeal as determined by the City in its sole discretion. The City <br />will apply any withheld amount to the extent not reduced as a result of the Tax Appeal promptly <br />after the Tax Appeal is fully resolved and the amount of Available Tax hicrement, as applicable, <br />attributable to the disputed tax payments is finalized. <br />(c) From January 2, 2020 to the Termination Date, the Developer agrees it will not seek <br />reduction in the assessed market value of the Development Property for property tax purposes <br />below $3,310,000. <br />Section 3.14. Rental License. The Developer shall obtain a rental license from the City <br />for the Project prior to occupancy. The Developer shall renew and maintain its rental license for <br />the Project with the City each year in accordance with the City Code and City ordinances, and <br />City requirements and procedures. <br />14 <br />5193948 JSB EL185-49 <br />