6.9.B. SR 05-16-2005 - Laserfiche WebLink

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days of the payment made by the Developer pursuant to Section 5.3(c), the City shall notify the Developer of any reduction in the Reimbursement Amount. ' (e) To the extent. the Sources and Uses Stafement indicates the gap in Funding with respect to any of the Minimum hnprovements is greater than estimated at the time of the issuance of the Ta."'{ Increment Revenue Note, the difference between the estimated gap and the actual gap shall offset any Excess Profit or Excess Funding with respect to any qther portion of the Minimum ImprovemelJ.ts. (f) The City shall execute and deliver to the Developer an amendment to the Ta."'{ Increment Revenue Note indicating any adjustment to the Reimbursement Amount. , Section 5.4 Review of Taxes. The Developer acknowledges that the sole source of money to make the payments on the Ta."'{ mcrement Revenue Note is Available Tax Increment derived from the Development Property and Minimum Improvements and pledged by the City to the payment thereof; The Developer further acknowledges that any of the following actions taken by the Developer or a purchaser of a housing unit could reduce the Available Tax mcrement below the amount necessary to pay a portion or all of the payment due on the Tax mcrement Revenue Note. (a) illitiation of administrative or judicial review ofthe applicabitity of ally tax statute determined by any Tax Official to be applicable to the Development Property or the Minimum hnprovements. ,(b) illitiation of administrative or judicial review of the constitutionality of any ta."'{ statute determined by any Tax Official to be applicable to the Development Property or the Minimumhnprovements. (c) A reduction in the real property 'taxes-paid with respect to the Development Property and the Minimum Improvements through intentional actions such as terminating the busine1i.s activity cQnducted on the Development Property, demolishing' a portion or all of the Minim~ Improvements, seeking a reduction in the assessed Market Value bf the Minimum hnprovements through any request, petition, claim, Of other proceeding to or before' the City, assessor, the County assessor, the board ofequalizatiorr of the City, CoUnty, or State, the Commissioner of Revenue of the State, any district court of the State, the Tax Court of the State, , or any federal district court. (d) Any application for an abatement or deferral of real property ta."'{es under any applicable statute of the State. ' " ' (e) ,Other actions or events outside the control of the Developer or outside the control of the City, including a reduction in 'the Market Value of the Development Prop~rtyand the Minimum Improvements that are made without a request or petition of the Developer, a reduction in the tax classification 'of the Development Property and the Minimunl Improvements under Minnesota Statutes, Section 273.13, or any successor statute, a reduction in the local t~'{ rates applicable to the Development Property and the Minimum hnprovements, or any change to the method of ta."'{ing real property that has the effect of reducing the revenues derived from such ta."'{es. 1 674205v9 30