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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 ~,'priorwritten approval all <br />instruments and other legal documents involved in effecting thEiinsfer of any interest in this <br />Agreement or the Project. .~~'~"'::;," , <br /> <br />Section 3.7 Real Property Taxes. The Deve!gJiiE~fi:all, so i5q~s~s this Agreement <br />remains in effect, pay all real property taxes with.~pect to all parts o~~;;;,Tax Abatement <br />Property owned by it which are payable pursuan!~;{;~y statut~ory or contractu~g~' that shall <br />accrue until title to the property is vested in anC)ther:p~~on. iil~,. Developer agi'~g:~that for tax <br />assessments so long as this Agreement remains in effect!:j~1s;.. ,::;::;:-~" ,'" <br /> <br />(a) It will not see~:S"~dministrative raii~~. or judicial review of the <br />applicability of any tax statute~_!':l~ to the ad v~l~~~m l?Foperty taxation of real <br />property contained on the Tax Abai'~~1t~:1faperty determ~~ by any tax official to be <br />applicable to the Project or the De~Joper:::~~1t~the i:gapplicability of any such tax <br />statute as a defens~~e(lIlY proceediij~~~ith re~i~~j~ the Tax Abatement Property, <br />including delinql!ElUEt~~Foceedings; p~~lded, ho~ver, "tax statute" does not include <br />any local ordinajCe or res~li:tion levying:~tax; .. <br />---- '-"""""";"""""';':';'" ~ <br /> <br />,,;;;o-----.-.--__.oc<fu=~ <br /> <br />(b) If,,;;~ nO~.:liieek adminisjative review or judicial review of the <br />constitu~~gg:~ity of.~it~:::~~la.til1:g:to the taxation of real property contained on <br />the::I,:~~H~~~~fl3&nt Pr6fi!'t:ty deterinined::by any tax official to be applicable to the Project <br />?~:::tfi.e DeveI5p~~~~~: rais~,~nconstitutionality of any such tax statute as a defense in <br />:.:::::f~ proceedingsJg~~~~ing ai~~~U'ent tax proceedings with respect to the Tax Abatement <br />,;',. ~Pr:~~~rty; provided;!Il:!wever,5'tax statute" does not include any local ordinance or <br />res~~gl1levying a f~~, <br /> <br />(ar:::., It wi~:hot seek any tax deferral or abatement, either presently or <br />prospectiveljiiUhCU3zed under Minnesota Statutes, Section 469.181, or any other State or <br />federal law, 5f~i~'ad valorem property taxation of the Tax Abatement Property so long <br />as this Agreem~ht 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 $426,888, and that the <br />Business Subsidy is needed because the Project is not sufficiently feasible for the Developer to <br /> <br />2045533v2 <br /> <br />6 <br />