Application for Tax Exemption; Urban Renewal Entity Sample Clauses

Application for Tax Exemption; Urban Renewal Entity. The Parties acknowledge that the Project Area cannot be redeveloped with the Redevelopment Project pursuant to the Redevelopment Plan by private capital investment alone, and, therefore, an exemption from ad valorem taxes is necessary for the success of the Redevelopment Project. Following the Effective Date, the Parties shall continue to negotiate terms of such tax exemption. If the Parties agree on such terms, the Redeveloper shall submit to the Township an application for tax exemption in accordance with the Long Term Tax Exemption Law and the terms of such Financial Agreement, which shall provide, inter alia, that Urban Renewal Entity established by the Redeveloper to construct the Redevelopment Project shall make annual payments to the Township in lieu of taxes in an amount set forth in the Financial Agreement. The Redeveloper shall, prior to the execution of the Financial Agreement, create or cause to be created and shall obtain approval of an Urban Renewal Entity in accordance with the Long Term Tax Exemption Law. Upon such creation, this Agreement may be assigned by the Redeveloper to the Urban Renewal Entity to develop the Redevelopment Project and to enter into a Financial Agreement in connection therewith, consistent with the application described above. The Urban Renewal Entity shall be responsible for the Completion of the Redevelopment Project, and the performance of all other Redeveloper obligations in accordance with the terms of this Agreement. The Urban Renewal Entity shall be fully bound by the provisions of this Redevelopment Agreement. At such time as the Urban Renewal Entity executes a Financial Agreement, the Redeveloper shall deliver those documents described in Section 6.03 as to such Urban Renewal Entity and such Financial Agreement. The Agency acknowledges that the Township’s approval of the tax exemption described herein and in the Financial Agreement is an essential element of the Redevelopment Project and that the financial viability of the Redevelopment Project is dependent upon the tax exemption provided for in such Financial Agreement. The Redeveloper acknowledges that the Agency is not authorized to approve such a tax exemption or enter into any Financial Agreement. However, the Agency shall use its good faith and diligent best efforts to cooperate with the Urban Renewal Entity’s application for tax exemption submitted to the Township in connection with the Redevelopment Project in accordance with the terms of this Section...
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Related to Application for Tax Exemption; Urban Renewal Entity

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