5.1. SR 10-17-2005 - Laserfiche WebLink

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(d) To the extent the sum of the Excess Funding and the Excess Profit exceeds the amount paid by the Developer to the City pursuant to Section 5.3(c), the Reimbursement Amount, and correspondingly the principal amount of the Tax Increment Revenue Note, shall be reduced by the difference between (i) the sum of the Excess Funding and the Excess Profit and (ii) the amount paid by the Developer to the City pursuant to Section 5.3(c) and within thirty (30) 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 Statement indicates the gap in Funding with respect to any of the Minimum Improvements is greater than estimated at the time of the issuance of the Tax 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 other portion of the Minimum Improvements. (f) The City shall execute and deliver to the Developer an amendment to the Tax 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 Tax Increment 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 Increment below the amount necessary to pay a portion or all of the payment due on the Tax Increment Revenue Note. (a) Initiation of administrative or judicial review of the applicability of any tax statute determined by any Tax Official to be applicable to the Development Property or the Minimum Improvements. (b) Initiation of administrative or judicial review of the constitutionality of any tax statute determined by any Tax Official to be applicable to the Development Property or the Minimum Improvements. (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 business activity conducted on the Development Property, demolishing a portion or all of the Minimum Improvements, seeking a reduction in the assessed Market Value of the Minimum Improvements through any request, petition, claim, or other proceeding to or before the City assessor, the County assessor, the board of equalization 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 taxes 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 Property and the Minimum Improvements that are made without a request or petition of the Developer, a 1824344vRED V2 to VI; 10/12/05 31