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<br />(1) Any proposed transferee shall have the qualifications and financial responsibility, <br />in the reasonable judgment of the City, necessary and adequate to fulfill the obligations <br />undertaken in this Agreement by the Developer. <br /> <br />(2) Any proposed transferee, by instrument in writing satisfactory to the City shall, <br />for itself and its successors and assigns, and expressly for the benefit of the City, have expressly <br />assumed all of the obligations of the Developer under this Agreement and agreed to be subject to <br />all the conditions and restrictions to which the Developer is subject. <br /> <br />(3) There shall be submitted to the City for review and prior written approval all <br />instruments and other legal documents involved in effecting the transfer of any interest in this <br />Agreement or the Proj ect. <br /> <br />Section 3.7 Real Property Taxes. The Developer shall, so long as this Agreement <br />remains in effect, pay all real property taxes with respect to all parts of the Tax Abatement <br />Property acquired and owned by it which are payable pursuant to any statutory or contractual <br />duty that shall accrue subsequent to the date of its acquisition of title to the Tax Abatement <br />Property (or part thereof) and until title to the property is vested in another person. The <br />Developer agrees that for tax assessments so long as this Agreement remains in effect: <br /> <br />(a) It will not seek administrative review or judicial review of the <br />applicability of any tax statute relating to the ad valorem property taxation of real <br />property contained on the Tax Abatement Property determined by any tax official to be <br />applicable to the Project or the Developer or raise the inapplicability of any such tax <br />statute as a defense in any proceedings with respect to the Tax Abatement Property, <br />including delinquent tax proceedings; provided, however, "tax statute" does not include <br />any local ordinance or resolution levying a tax; <br /> <br />(b) It will not seek administrative review or judicial review of the <br />constitutionality of any tax statute relating to the taxation of real property contained on <br />the Tax Abatement Property determined by any tax official to be applicable to the Project <br />or the Developer or raise the unconstitutionality of any such tax statute as a defense in <br />any proceedings, including delinquent tax proceedings with respect to the Tax Abatement <br />Property; provided, however, "tax statute" does not include any local ordinance or <br />resolution levying a tax; <br /> <br />(c) It will not seek any tax deferral or abatement, either presently or <br />prospectively authorized under Minnesota Statutes, Section 469.181, or any other State or <br />federal law, of the ad valorem property taxation of the Tax Abatement Property so long <br />as this Agreement remains in effect. <br /> <br />Section 3.8 Business Subsidies Act. <br /> <br />(1) In order to satisfy the provisions of Minnesota Statutes, Sections 116J.993 to <br />116J.995 (the "Business Subsidies Act"), the Developer acknowledges and agrees that the <br />amount of the "Business Subsidy" granted to the Developer under this Agreement is the value of <br />a portion of the Tax Abatement Property, which is approximately $133,947, and that the <br /> <br />1 844748vl <br /> <br />6 <br />