Pay Real Estate Taxes. The Developer intends to create a taxable real property base attributable to the Project of not less than $300,000.00, no later than January 1, 2017. During the period that any Bonds are outstanding, the Developer will (1) not protest a real estate property valuation on the Premises of $300,000.00 or less after substantial completion or occupancy; (2) not convey the Premises or structures thereon to any entity which would be exempt from the payment of real estate taxes or cause the nonpayment of such real estate taxes; and (3) cause all real estate taxes and assessments levied on the Premises to be paid prior to the time such become delinquent during the term that any Bonds are outstanding. All real estate taxes levied in the year 2032 shall be paid by Developer on or before December 31, 2031. Section 4.06 Payment in Lieu of Taxes. Developer agrees to make payments in lieu of taxes in an amount equal to the principal of and interest on the Bonds as the same fall due as and to the extent not fully paid from TIF Revenues, immediately upon receipt of notice from Agency, if for any reason at any time TIF Revenues received by the Agency are not sufficient to pay principal and interest on the Bonds when due. This payment in lieu of obligation may be represented by a note or other evidence of indebtedness and secured by a deed of trust subordinate to the first lien.
Pay Real Estate Taxes. Redeveloper intends to create a taxable real property valuation [over and above the valuation thereof as the same existed on January 1, 2012] of the Redevelopment Project Area of One Hundred Fifty Eight Thousand Dollars ($158,000) no later than no later than January 1, 2013. During the period that any TIF Indebtedness is outstanding, neither the Redeveloper, nor its assigns, will (1) file a protest seeking to obtain a real estate property valuation on the Redevelopment Area of less than the sum of: (a) One Hundred Fifty Eight Thousand Dollars ($158,000) and (b) the valuation of the Redevelopment Project Area as the same existed on January 1, 2012; (2) convey the Redevelopment Area or structures thereon to any entity which would be exempt from the payment of real estate taxes or cause the nonpayment of such real estate taxes; nor (3) allow real estate taxes and assessments levied on the Redevelopment Area and Project to become delinquent during the term that any TIF Indebtedness is outstanding. Redeveloper shall pay the real property ad valorem taxes for the project for the year 2027 prior to January 1, 2028.
Pay Real Estate Taxes. Section 4.04 of the Redevelopment Agreement is hereby deleted and replaced in its entirety as follows:
Pay Real Estate Taxes. (a) The Redevelopers intends to create a taxable real property valuation for each phase of the Project of not less than the Minimum Project Valuation set forth in Section 1.01(G) above, no later than as of the completion date for each phase of the Project, as set forth on Exhibit “B”. The Minimum Project Valuation is based upon the following: (1) the final valuation of the twenty (20) affordable units in Phase One of not less than Two Million Eight Hundred Sixty Thousand and No/100 Dollars ($2,860,000.00); (2) a final valuation of the four (4) market rate units in Phase One of not less than Three Hundred Fifty-Three Thousand Two Hundred and No/100 Dollars ($353,200.00); (3) the final valuation of the four (4) market rate units in Phase Two of not less than Three Hundred Fifty-Three Thousand Two Hundred and No/100 Dollars ($353,200.00); and the final valuation of the four (4) market rate units in Phase Three of not less than Three Hundred Fifty-Three Thousand Two Hundred and No/100 Dollars ($353,200.00) (each a “Minimum Phase Valuation”). Redevelopers shall create the applicable Minimum Phase Valuation of the Project Site no later than the applicable completion date for the applicable phase of the Project. During the period of this Agreement and after the applicable Effective Date, Redevelopers, their successors and assigns, will: (1) not protest a real estate property valuation of the Project and Project Site to a sum less than or equal to the Minimum Project Valuation; (2) not protest a real estate property valuation of the lots contained in any phase of the Project to a sum that will bring the applicable phase valuation to an amount less than or equal to the applicable Minimum Phase Valuation; and (3) not convey the Project Site, any lot in the Project Site, or structures thereon to any entity which would be exempt from the payment of real estate taxes or cause the nonpayment of such real estate taxes. Each purchaser of a home on the Project Site shall be subject to this provision so as to agree to not protest any assessed value to a sum that will bring the applicable phase valuation to an amount less than or equal to the applicable Minimum Phase Valuation.
Pay Real Estate Taxes. Redeveloper intends to create a taxable real property valuation of the Redevelopment Area and Project of Ten Million Dollars ($10,000,000) no later than as of January 1, 2007 and Twenty Million Dollars ($20.000.000) no later than as of January 1, 2008. During the period that any TIF Indebtedness is outstanding, Redeveloper will (1) not protest a real estate property valuation on the Redevelopment Area of Twenty Million Dollars ($20,000,000) or less after substantial completion or occupancy; (2) not convey the Redevelopment Area or structures thereon to any entity which would be exempt from the payment of real estate taxes or cause the nonpayment of such real estate taxes; and (3) cause all real estate taxes and assessments levied on the Redevelopment Area and Project to be paid prior to the time such become delinquent during the term that any Bonds are outstanding.
Pay Real Estate Taxes. Redeveloper intends to create a taxable real property valuation of the Redevelopment Area and Project of Six Million Dollars ($6,000,000.00) no later than January 1,2004 and Twenty Million Dollars ($20,000,000) no later than January 1, 2005. During the period that any TIF Indebtedness is outstanding, Redeveloper will (1) not protest a real estate property valuation on the Redevelopment Area of Twenty Million Dollars ($20,000,000.00) or less after substantial completion or occupancy; (2) not convey the Redevelopment Area or structures thereon to any entity which would be exempt from the payment of real estate taxes or cause the nonpayment of such real estate taxes; and (3) cause all real estate taxes and assessments levied on the Redevelopment Area and Project to be paid prior to the time such become delinquent during the term that any Bonds are outstanding. All real estate taxes levied in the year 2018 shall be paid by Redeveloper on or before December 31,2018.
Pay Real Estate Taxes. The Developer intends to create a taxable real property base attributable to the Project of not less than $465,000, no later than January 1, 2022. During the period that any TIF Indebtedness is outstanding, the Developer will (1) not protest a real estate property valuation on the Premises of $465,000 or more after substantial completion or occupancy; (2) not convey the Premises or structures thereon to any entity which would be exempt from the payment of real estate taxes or cause the nonpayment of such real estate taxes; and (3) cause all real estate taxes and assessments levied on the Premises to be paid prior to the time such become delinquent during the term that any TIF Indebtedness is outstanding.
Pay Real Estate Taxes. The Company intends to create a taxable real property base attributable to the Project of not less than $1,650,000.00, no later than January 1, 2015. During the period that any Bonds are outstanding, the Company will (1) not convey the Premises or structures thereon to any entity which would be exempt from the payment of real estate taxes or cause the nonpayment of such real estate taxes; and (2) cause all real estate taxes and assessments levied on the Premises to be paid prior to the time such become delinquent during the term that any Bonds are outstanding.
Pay Real Estate Taxes. Redeveloper intends to create a taxable real property valuation of the Redevelopment Area and Project of One Million Eight Hundred Thousand Dollars ($1,800,000) no later than no later than January 1, 2011. During the period that any TIF Indebtedness is outstanding, neither the Redeveloper, nor its assigns, will (1) file a protest seeking to obtain a real estate property valuation on the Redevelopment Area of less than One Million Eight Hundred Thousand Dollars ($1,800,000) after substantial completion or occupancy; (2) convey the Redevelopment Area on structures thereon to any entity which would be exempt from the payment of real estate taxes or cause the nonpayment of such real estate taxes; nor (3) allow real estate taxes and assessments levied on the Redevelopment Area and Project to become delinquent during the term that any TIF Indebtedness is outstanding.
Pay Real Estate Taxes. Redeveloper intends to create a taxable real property valuation of the Redevelopment Area and Project of Ten Million Dollars ($10,000,000) no later than as of January 1, 2007 and Thirty Two Million Three Hundred Thirty Six Thousand One Hundred Five Dollars ($32,336,105) no later than as of January 1, 2008. During the period that any TIF Indebtedness is outstanding, Redeveloper will (1) not protest a real estate property valuation on the Redevelopment Area of Thirty Two Million Three Hundred Thirty Six Thousand One Hundred Five Dollars ($32,336,105) or less after substantial completion or occupancy; (2) not convey the Redevelopment Area or structures thereon to any entity which would be exempt from the payment of real estate taxes or cause the nonpayment of such real estate taxes; and (3) cause all real estate taxes and assessments levied on the Redevelopment Area and Project to be paid prior to the time such become delinquent during the term that any Bonds are outstanding.
