Assessment Agreement. The Owner and the City shall execute a minimum assessment agreement in the form attached hereto as Exhibit J, as of the date hereof (the “Assessment Agreement”). Owner shall cause the Assessment Agreement and an executed Assessor’s Certificate, in the form attached thereto, to be recorded against the Property.
Assessment Agreement. (a) Pursuant to the provisions of Minnesota Statutes, Section 469.177, Subdivision 8, the Developer and the EDA agree to execute an Assessment Agreement in substantially the form attached hereto as Exhibit E. The Developer shall be responsible for obtaining the certification of the County Assessor to the Assessment Agreement and for the filing the Assessment Agreement against the Development Property. The Assessment Agreement shall specify the Assessor’s Minimum Market Value for the Development Property for calculation of real property taxes. Specifically, the Developer agrees to a minimum market value for the Development Property as of January 2, 2020, for taxes payable in the year 2021, of not less than $57,500,000 (such minimum market value is herein referred to as the “Assessor’s Minimum Market Value”).
(b) Nothing in this Agreement or the Assessment Agreement shall limit the discretion of the County Assessor to assign a market value to the Development Property in excess of the Assessor’s Minimum Market Value or prohibit the Developer from seeking through the exercise of legal or administrative remedies a reduction in such market values for property tax purposes; provided however, that the Developer shall not seek a reduction of such market value below the Assessor’s Minimum Market Value for any year’s assessment for which the Assessment Agreement shall remain in effect. The Assessment Agreement shall remain in effect until the earlier of (i) the assessment on January 2, 2044 for taxes payable in 2045, (ii) the date on which the TIF District expires or is otherwise terminated, or (iii) the date the TIF Note is fully paid, defeased or terminated in accordance with its terms.
(c) The Developer shall obtain the County Assessor’s certification to the Assessment Agreement, as provided in Minnesota Statutes, Section 469.177, Subdivision 8, finding that the Assessor’s Minimum Market Value represents a reasonable estimate based upon the plans and specifications for the Improvements to be constructed on the Development Property and the market value previously assigned to the Development Property. Pursuant to Minnesota Statutes, Section 469.177, Subdivision 8, the filing by the Developer of the Assessment Agreement in the office of the County Recorder and/or Registrar of Titles, as applicable, shall constitute notice to any subsequent encumbrancer or purchaser of the Development Property (or part thereof), whether voluntary or involuntary, and such Assessment Ag...
Assessment Agreement. (a) Upon execution of this Agreement, the Developer shall, with the Authority, execute an Assessment Agreement pursuant to Minnesota Statutes, Section 469.177, subdivision 8, specifying an assessor's minimum market value (the “Market Value”) for the Development Property and the Minimum Improvements constructed thereon. The amount of the minimum Market Value shall be $14,544,000 as of January 2, 2022, and each January 2 thereafter, notwithstanding the status of construction by such dates.
(b) The Assessment Agreement shall be substantially in the form attached hereto as Schedule F. Nothing in the Assessment Agreement shall limit the discretion of the County assessor to assign a market value to the Development Property and Minimum Improvements in excess of such assessor's minimum Market Value. The Assessment Agreement shall remain in force for the period specified in the Assessment Agreement.
(c) Nothing in this Agreement or in the Assessment Agreement shall limit the right of the Developer, or its successors and assigns, to bring a tax petition challenging a Market Value determination that exceeds the established minimum Market Value for the Development Property or the Minimum Improvements; provided that if the Developer brings such a challenge, the Developer must inform the Authority of such tax petition in writing. During the pendency of such challenge, the Authority will pay principal of and interest on the TIF Note only to the extent of the Available Tax Increment attributable to the greater of the minimum Market Value of the Development Property and the Minimum Improvements established in the Assessment Agreement or the amount in excess of such minimum Market Value uncontested by the Developer; provided that if the Developer fails to notify the Authority of the tax petition, the Authority shall have the right to withhold all payments of principal of and interest on the TIF Note until the Developer’s challenge is resolved. Upon resolution of Developer’s tax petition, any Available Tax Increment deferred and withheld under this Section shall be paid, without interest thereon, to the extent payable under the assessor’s final determination of Market Value.
Assessment Agreement. All students will receive Preliminary & HSC Assessment Booklets. The Booklets outline assessment details for each subject and the school’s policies and procedures associated with the assessment program. It is important that students are aware of these procedures and follow them carefully. Information regarding misadventure and being absent from assessment tasks for any reason is included in the assessment booklets. It is the student’s responsibility to ensure that they follow all the rules outlined in the Assessment policy. (A copy is available online).
Assessment Agreement. During the term of this Agreement and the Minimum Improvements Loan Agreement, Redeveloper agrees that the Market Value of the Mall Property for real estate tax purposes shall be $110,000,000 beginning January 1, 2012, and increasing 2.5% per annum, and Redeveloper agrees not to appeal the Market Value of the Mall Property. Upon execution of this Agreement, Redeveloper and City will execute the Assessment Agreement, attached as Exhibit F. The Assessment Agreement must be recorded no later than June 30, 2012. Failure to record the Assessment Agreement by June 30, 2012 shall be a Redeveloper Event of Default under this Agreement.
Assessment Agreement. Prior to conveyance of the Development Property pursuant to Article III of this Agreement, the Developer and the City shall enter into an Assessment Agreement, substantially in the form of the Assessment Agreement contained in
Assessment Agreement. As further consideration for this Agreement, Developer and the City shall execute an agreement substantially in the form of Exhibit F, pursuant to the provisions of Iowa Code Section 403.6(19), whereby Developer shall agree to a minimum actual value for the Minimum Improvements on the Development Property for the purpose of calculating real property taxes (the “Assessment Agreement” or “Minimum Assessment Agreement”) through the Assessment Termination Date (as set in the Minimum Assessment Agreement). Specifically, Developer, the holder of any mortgage, and all prior lienholders shall agree to a minimum actual value for the Minimum Improvements on the Development Property (land and building/improvement value) of not less than $10,000,000 (the “Assessor’s Minimum Actual Value”), before rollback, upon completion of the Minimum Improvements but no later than January 1, 2026. Nothing in the Assessment Agreement shall:
a. limit the discretion of the Assessor for the County to assign an actual value to the buildings on the Development Property in excess of the Assessor’s Minimum Actual Value; or
b. prohibit Developer from seeking, through the exercise of legal or administrative remedies, a reduction in such actual value for property tax purposes, provided, however, that Developer shall not seek a reduction of such actual value below the Assessor’s Minimum Actual Value. The Assessment Agreement must be certified by the County Assessor, as provided for in Iowa Code Section 403.6(19), and be filed for record in the office of the County Recorder. Such filing shall constitute notice to any subsequent encumbrancer or purchaser of the Development Property or any part thereof, whether voluntary or involuntary. The Assessment Agreement will be binding and enforceable in its entirety against any such subsequent encumbrancer or purchaser, as well as all prior lienholders and the holder of a mortgage, each of which shall sign a consent to the Minimum Assessment Agreement.
Assessment Agreement. (a) As a condition of Closing on sale of the City Parcels to Developer, the Developer shall, with the City, execute an Assessment Agreements pursuant to Minnesota Statutes, Section 469.177, subd. 8, specifying an assessor’s minimum market value of $3,760,000 for the Hotel Improvements and the Hotel Property. The Assessment Agreement will remain in effect for the period described in the Assessment Agreement.
(b) The Assessment Agreement shall be substantially in the form attached hereto as Schedule E. Nothing in the Assessment Agreement shall limit the discretion of the assessor to assign a market value to the property in excess of such assessor’s minimum market value nor prohibit the Developer from seeking through the exercise of legal or administrative remedies a reduction in such market value for property tax purposes; provided however, that (i) the Developer shall not seek a reduction of such market value below the assessor’s minimum market value in any year so long as such Assessment Agreement shall remain in effect, and (ii) any petition to reduce the market value of Hotel Property is subject to the terms of Section 6.2(b) hereof.
Assessment Agreement. The term "assessment agreement" means an agreement, whether part of a collective bargaining agreement or negotiated separately, to the extent the agreement provides for the funding of collectively bargained fringe-benefit obligations on other than a uniform worker-hour basis, regardless of the cargo handled or type of vessel or equipment used.
Assessment Agreement. Developer and the EDA shall execute a minimum assessment agreement in the form attached hereto as Exhibit M, as of the date hereof (the “Assessment Agreement”), which shall establish a minimum market value, for purposes of ad valorem taxes, of $9,362,500 for the entire life of the TIF District, as more fully set forth on Exhibit M. Owner shall cause the Assessment Agreement and an executed Assessor’s Certificate, in the form attached thereto, to be recorded against the Property.
