Common use of Execution of Assessment Agreement Clause in Contracts

Execution of Assessment Agreement. Simultaneously with the execution of this Agreement, the Developer and the EDA shall execute an Assessment Agreement pursuant to the provisions of Minnesota Statutes, Section 469.177, Subdivision 8, specifying the Assessor's Minimum Market Value for the Development Property and the Project for calculation of real property taxes. Specifically, the Developer shall agree to a market value for the Development Property and the Project which will result in a market value as of January 2, 2026 of the Assessor’s Minimum Market Value ($31,000,000) until the Termination Date. Nothing in the Assessment Agreement shall limit the discretion of the Assessor to assign a market value to the property in excess of the 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 the Developer shall not seek a reduction of such market value below the Assessor's Minimum Market Value in any year so long as the Assessment Agreement shall remain in effect. The Assessment Agreement shall remain in effect until the earlier of (1) termination of the Development Agreement or (2) December 31, 2029. The Assessment Agreement shall be certified by the Assessor for the City as provided in Minnesota Statutes, Section 469.177, Subdivision 8, upon a finding by the Assessor that the Assessor's Minimum Market Value represents a reasonable estimate based upon the plans and specifications for the Project 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 Assessment Agreement shall be filed for record in the office of the county recorder or registrar of titles of Hennepin County, and such filing shall constitute notice to any subsequent encumbrancer or purchaser of the Development Property (or part thereof), whether voluntary or involuntary, and such Assessment Agreement shall be binding and enforceable in its entirety against any such subsequent purchaser or encumbrancer, including the holder of any mortgage recorded against the Development Property.

Execution of Assessment Agreement. Simultaneously with the execution of this Agreement, the (1) The Developer and the EDA City shall execute an the Assessment Agreement relating to the Project pursuant to the provisions of Minnesota Statutes, Section 469.177, Subdivision 8, specifying the Assessor's ’s Minimum Market Value for the Development Property and the Project for calculation of real property taxes. Specifically, the Developer shall agree to a market value for in the Development Property and the Project which will result in a market value amount of $10,000,000 as of January 2, 2026 of the Assessor’s Minimum Market Value ($31,000,000) until the Termination Date2018. Nothing in the Assessment Agreement shall limit or this Agreement limits the discretion of the Assessor assessor for the County to assign a market value to the property in excess of the such Assessor's ’s Minimum Market Value nor prohibit prohibits the Developer from seeking seeking, through the exercise of legal or administrative remedies remedies, a reduction in such market value for property tax purposes, provided however, that the Developer shall not seek a reduction of such market value below the Assessor's ’s Minimum Market Value in for any year so long as the Assessment Agreement shall remain remains in effect. effect for that year. (2) The Assessment Agreement shall remain in effect until the earlier of (1i) termination of January 31, 2043, (ii) the Development Agreement date on which the TIF District expires or is otherwise terminated, or (2iii) December 31the date the TIF Note is fully paid, 2029defeased or terminated in accordance with its terms. The Assessment Agreement shall be certified by the Assessor for the City as provided in Minnesota Statutes, Section 469.177, Subdivision 8, upon a finding by the Assessor assessor of the County that the Assessor's ’s Minimum Market Value represents a reasonable estimate based upon the plans and specifications for the Project 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 Assessment Agreement shall be filed for record in the office of the county recorder or registrar of titles of Hennepin Countythe County prior to any lien on the Development Property, including any mortgage, and such filing shall constitute notice to any subsequent encumbrancer or purchaser of the Development Property (or part thereof)Property, whether voluntary or involuntary, and such Assessment Agreement Agreements shall be binding and enforceable in its entirety against any such subsequent purchaser or encumbrancer, including the holder of any mortgage recorded mortgage. (3) The Developers agree, jointly and severally, to pay the cost of filing such Assessment Agreement with the Xxxxxx County Recorder and Registrar of Titles. (4) Developer agrees, that in addition to the obligation pursuant to statute to pay real estate taxes, it is also obligated by reason of this Agreement to pay before delinquency all real estate taxes assessed against the Development PropertyProperty as improved. The Developer acknowledges that this obligation creates a contractual right on behalf of the City through the Termination Date to xxx the Developer or its successors and assigns to collect delinquent real estate taxes and any penalty or interest thereon and to pay over the same as a tax payment to the county auditor.

Execution of Assessment Agreement. Simultaneously with the execution of this Agreement, the (1) The Developer and the EDA shall City agree to execute an Assessment Agreement relating to the Development pursuant to the provisions of Minnesota Statutes, Section 469.177, Subdivision 8, specifying the Assessor's Minimum Market Value minimum market value for the Development Property and the Project for calculation of real property taxes. Specifically, the Developer shall agree to a market value for the Development Property and the Project which will result in a market value of $7,878,000 commencing as of January 2, 2026 of 2021 (the Assessor’s “Minimum Market Value Value”). ($31,000,0002) until the Termination Date. Nothing in the Assessment Agreement shall limit or this Agreement limits the discretion of the County Assessor to assign a market value to the property in excess of the Assessor's Minimum Market Value nor prohibit prohibits the Developer from seeking seeking, through the exercise of legal or administrative remedies remedies, a reduction in such market value 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 in for any year so long as the Assessment Agreement shall remain remains in effect. effect for that year. (3) The Assessment Agreement shall remain in effect until the earlier of (1i) termination of the Development Agreement January 31, 2045 with respect to taxes payable in 2046, or (2ii) December 31, 2029. the date on which the TIF District expires or is otherwise terminated. (4) The Assessment Agreement shall be certified by the County Assessor for the City as provided in Minnesota Statutes, Section 469.177, Subdivision 8, upon a finding by the County Assessor that the Assessor's Minimum Market Value represents a reasonable estimate based upon the plans and specifications for the Project Minimum Improvements to be constructed on the Development Property and the market value previously assigned to the Development Property. . (5) Pursuant to Minnesota Statutes, Section 469.177, Subdivision 8, the Assessment Agreement shall be filed for record in the office of the county recorder or registrar of titles of Hennepin the County, and such filing shall constitute notice to any subsequent encumbrancer or purchaser of the Development Property (or part thereof)Property, whether voluntary or involuntary, and such Assessment Agreement shall be binding and enforceable in its entirety against any such subsequent purchaser or encumbrancer, including the holder of any mortgage recorded against on the Development Property. (6) The Assessment Agreement shall be filed, at the sole cost of the Developer, against the Development Property prior to any lien or encumbrance on the Development Property, including any mortgager.

Execution of Assessment Agreement. Simultaneously with (1) On the execution of this AgreementClosing Date, the Developer and the EDA shall execute an the Assessment Agreement relating to the Project pursuant to the provisions of Minnesota Statutes, Section 469.177, Subdivision 8, specifying the Assessor's ’s Minimum Market Value for the Development Property and the Project for calculation of real property taxes. Specifically, the Developer shall agree to a market value for in the Development Property and the Project which will result in a market value amount of $1,810,000 as of January 2, 2026 of the Assessor’s Minimum Market Value ($31,000,000) until the Termination Date2019. Nothing in the Assessment Agreement shall limit or this Agreement limits the discretion of the Assessor assessor for the County to assign a market value to the property in excess of the such Assessor's ’s Minimum Market Value nor prohibit prohibits the Developer from seeking seeking, through the exercise of legal or administrative remedies remedies, a reduction in such market value for property tax purposes, provided however, that the Developer shall not seek a reduction of such market value below the Assessor's ’s Minimum Market Value in for any year so long as the Assessment Agreement shall remain remains in effect. effect for that year. (2) The Assessment Agreement shall remain in effect until the earlier of (1i) termination of the Development Agreement January 31, 2044 for taxes payable in 2045, or (2ii) December 31, 2029the date on which the TIF District expires or is otherwise terminated. The Assessment Agreement shall be certified by the Assessor for the City County as provided in Minnesota Statutes, Section 469.177, Subdivision 8, upon a finding by the Assessor assessor of the County that the Assessor's ’s Minimum Market Value represents a reasonable estimate based upon the plans and specifications for the Project 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 Assessment Agreement shall be filed for record in the office of the county recorder or registrar of titles of Hennepin Countythe County prior to any lien on the Development Property, including any mortgage, and such filing shall constitute notice to any subsequent encumbrancer or purchaser of the Development Property (or part thereof)Property, whether voluntary or involuntary, and such Assessment Agreement Agreements shall be binding and enforceable in its entirety against any such subsequent purchaser or encumbrancer, including the holder of any mortgage recorded against mortgage. (3) The Developer agrees to pay the cost of filing such Assessment Agreement with the Xxxxxx County Recorder and/or Registrar of Titles. (4) The Developer agrees that prior to the Termination Date it will not cause a reduction in the real property taxes paid in respect of the Project through willful destruction of the Project or any part of the Development Property; or willful refusal to reconstruct damaged or destroyed property. Developer also agrees that it will not, prior to the Termination Date, apply for a deferral of property tax on the Development Property and the improvements thereon pursuant to any law, or transfer or permit transfer of the Development Property to any entity whose ownership or operation of the property would result in the Development Property being exempt from real estate taxes under State law. (5) The Developer shall notify the EDA within 10 days of filing any petition to seek reduction in market value or property taxes on any portion of the Development Property under any State law (referred to as a “Tax Appeal”). If as of any Interfund Payment Date, any Tax Appeal is then pending, the EDA will withhold payments of Tax Increments attributable to the disputed tax payment that is the subject of the Tax Appeal to determine any shortfall pursuant to Section 3.2. The EDA will apply any withheld amount to the extent not reduced as a result of the Tax Appeal promptly after the Tax Appeal is fully resolved and the amount of Tax Increment attributable to the disputed tax payments is finalized.