Fiscal Mitigation Payment. 18.1. Owner acknowledges that the EIS fiscal analysis was premised upon, among other things, payment of property taxes assessed against the Property prior to and subsequent to the development provided for by the PCI Plan and this Agreement. Therefore, Owner covenants, agrees and warrants, for itself, it successors and assigns, that it will either: (a) pay real property tax on the Property (or any subdivided portion thereof) at the same rate and in the same amounts that would be assessed against similarly-situated and similarly-developed property within the City of Snoqualmie, or (b) in the event that Owner applies for any exemption from the real property tax that would otherwise be assessed against or lawfully due from the Property (or any subdivided portion thereof), Owner will do so only under the following conditions:
Appears in 4 contracts
Samples: Development Agreement, Development Agreement, Development Agreement
