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 City 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, Project, and the Project Improvements, for calculation of real property taxes. Specifically, the Developer shall agree to a market value for the Development Property, Project, and the Project Improvements which will result in a market value as of (1) January 2, 2021, of not less than $6,300,000; (2) January 2, 2022, of not less than $14,700,000; and (3) January 2, 2023, of not less than $21,000,000, until the Termination Date (such minimum market value at the time applicable is herein referred to as the "Assessor's Minimum Market Value"). 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 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, 2047. The Assessment Agreement shall be certified by the Assessor for the County 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 and the Project 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 Assessment Agreement shall be filed for record in the office of the county recorder or registrar of titles of Xxxxxx 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 Developer and the City 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, Project, and the Project Site Improvements, for calculation of real property taxes. Specifically, the Developer shall agree to a market value for the Development Property, Project, and the Project Site Improvements which will result in a market value as of (1) January 2, 20212025, of not less than $6,300,000; (2) January 2, 2022, of not less than $14,700,000; and (3) January 2, 2023, of not less than $21,000,000, 60,000,000 until the Termination Date (such minimum market value at the time applicable is herein referred to as the "Assessor's Minimum Market Value"). 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 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, 2047. The Assessment Agreement shall be certified by the Assessor for the County 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 and the Project Site 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 Assessment Agreement shall be filed for record in the office of the county recorder or registrar of titles of Xxxxxx 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 Developer and the City Authority 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, Project, Property and the Project Improvements, Minimum Improvements for calculation of real property taxes. Specifically, the Developer shall agree to a market value for the Development Property, Project, Property and the Project Minimum Improvements which will result in a market value as of (1) January 2, 2021, 2018 of not less than $6,300,000; (2) January 2, 2022, of not less than $14,700,000; and (3) January 2, 2023, of not less than $21,000,000, 2,500,000 until the Termination Date (as hereinafter defined) (such minimum market value at the time applicable is herein referred to as the "Assessor's Minimum Market Value"). 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 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 (1i) termination cancellation or payment in full of the Development Agreement Note or (2) December 31, 20472040 (the "Termination Date"). The Assessment Agreement shall be certified by the Assessor for the County 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 and the Project Minimum 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 Assessment Agreement shall be filed for record in the office of the county recorder or registrar of titles of Xxxxxx Clay 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 City 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, Project, and the Project Improvements, for calculation of real property taxes. Specifically, the Developer shall agree to a market value for in the Development Property, Project, and the Project Improvements which will result in a market value amount of $681,980 as of (1) January 2, 2021, of not less than $6,300,000; (2) January 2, 2022, of not less than $14,700,000; and (3) January 2, 2023, of not less than $21,000,000, until the Termination Date (such minimum market value at the time applicable is herein referred to as the "Assessor's Minimum Market Value")2018. 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 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, 2043, or (2ii) December 31, 2047the date on which the TIF District expires or is otherwise terminated. The Assessment Agreement shall be certified by the Assessor for the 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 and the Project 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 Assessment Agreement shall be filed for record in the office of the county recorder or registrar of titles of Xxxxxx 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 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 City and 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.