Deferred Assessment Waiver Sample Clauses

Deferred Assessment Waiver. HEDRA and the Developer agree that the value of the Property in its current improved state is at least $89,219.59 ($1.54 per square foot). However, the Developer has stated that it is unable to pay the market value for the purchase of the Property. Upon completion of the Minimum Improvements, Developer estimates that the market value of the Property will be $350,000.00. Therefore, HEDRA agrees that it will sell the Property to the Developer for the Purchase Price of $89,219.59, with the amount of $1.00 due at Closing and the balance due pursuant to a Deferred Assessment Agreement between the Developer and the City. The Deferred Assessment Agreement shall be executed on or before Closing and shall have an agreed upon assessment amount of $89,218.59 (“Assessment Amount”). Following completion of the Minimum Improvements, the Assessment Amount owed by the Developer to the City pursuant to the Deferred Assessment Waiver shall be reduced by an amount referred to as the “Construction Credit” as defined in the Deferred Assessment Agreement.
Sample 1
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Deferred Assessment Waiver. HEDRA and the Developer agree that the value of the Property in its current improved state is at least $173,072.59 ($1.54 per square foot). However, the Developer has stated that it is unable to pay the market value for the purchase of the Property. Upon completion of the Minimum Improvements, Developer estimates that the market value of the Property will be $1,210,500. Therefore, HEDRA agrees that it will sell the Property to the Developer for the Purchase Price of $173,072.59, with the amount of $52,022.59 due at Closing and the balance due pursuant to a Deferred Assessment Agreement between the Developer and the City. The Deferred Assessment Agreement shall be executed on or before Closing and shall have an agreed upon assessment amount of $121,050 (“Assessment Amount”). Following completion of the Minimum Improvements, the Assessment Amount owed by the Developer to the City pursuant to the Deferred Assessment Waiver shall be reduced by an amount referred to as the “Construction Credit.” The Construction Credit shall be equal to the taxed assessed value as determined by the Dakota County Assessor’s Office for the fair market value of the Minimum Improvements, exclusive of the land value, as of January 2nd prior to the Assessment Deferral Date, as defined in the Deferred Assessment Waiver (but no later than Jan. 2, 2026), divided by 10.
Sample 1

Related to Deferred Assessment Waiver

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