Minimum Assessment Agreement. Upon the execution of this Agreement, the Developer and the City shall execute a Minimum Assessment Agreement pursuant to the provisions of Section 403.6(19) of the Code specifying the Assessor's Minimum Actual Value for the Minimum Improvements and the Development Property for calculation of real property taxes in the form attached as Exhibit D ("Assessment Agreement" or "Minimum Assessment Agreement"). Specifically, the Developer shall agree to a minimum actual value for the Minimum Improvements and Development Property of not less than One Million Three Hundred Ninety-five Thousand Dollars ($1,395,000) (building and land value) as of January 1, 2024 until December 31, 2029 (the "Assessment Agreement Termination Date"). Such minimum actual value at the time applicable is herein referred to as the "Assessor's Minimum Actual Value." Nothing in the Assessment Agreement shall limit the discretion of the Assessor to assign an actual value to the property in excess of such Assessor's Minimum Actual Value nor prohibit the Developer from seeking through the exercise of legal or administrative remedies a reduction in such actual value for property tax purposes; provided, however, that the Developer shall not seek a reduction of such actual value below the Assessor's Minimum Actual Value in any year so long as the Assessment Agreement shall remain in effect. The Assessment Agreement shall be certified by the Assessor for the County as provided Section 403.6(19) of the Code and shall be filed for record in the office of the County Recorder, and such filing shall constitute notice to any subsequent encumbrancer or purchaser of the Development Property or part thereof, whether voluntary or involuntary. Such Assessment Agreement shall be binding and enforceable in its entirety against the holder of the First Mortgage and any subsequent purchaser or encumbrancer. Developer shall ensure that any existing lienholder shall sign a written consent to the Minimum Assessment Agreement in a form satisfactory to the City.
Minimum Assessment Agreement. Minimum Improvements to be constructed upon the Property are anticipated to have an assessed value of ▪ $6,300,000 by January 1, 2021 ▪ $14,700,000 by January 1, 2022 ▪ $21,000,000 by January 1, 2023
Minimum Assessment Agreement. Assignee acknowledges that the Development Property is subject to and burdened by that certain Minimum Assessment Agreement dated December , 2019 and recorded in the Recording Office as Document No. (the “Minimum Assessment Agreement”). Assignee shall comply with the terms and conditions of the Minimum Assessment Agreement as they relate to the Development Property for so long as the Minimum Assessment Agreement remains in effect with respect to the Development Property. Throughout the term of the Minimum Assessment Agreement, Assignee shall take no action or permit any Assignee Parties or others under Assignee’s control to take any action to cause the Development Property or any portion thereof to be no longer generally subject to real property taxation. Before the termination of the Minimum Assessment Agreement, Assignee shall not:
(i) Seek administrative review or judicial review of the applicability of any tax statute relating to the taxation of the Development Property determined by any tax official to be applicable or raise the inapplicability of any such tax statute as a defense in any proceedings, including delinquent tax proceedings;
(ii) Seek administrative review or judicial review of the constitutionality of any tax statute relating to the taxation of the Development Property determined by any tax official, or raise the unconstitutionality of any such tax statute as a defense in any proceedings, including delinquent tax proceedings; and
(iii) Seek any tax deferral or abatement, either presently or prospectively authorized under any state or federal law, of the taxation of the Development Property.
Minimum Assessment Agreement. The Company agrees to enter into an assessment agreement (the “Assessment Agreement”), pursuant to Section 403.6 of the Code of Iowa fixing the minimum assessed valuation of the Property, in contemplation of the value to be added by the proposed Project, at not less than Twelve Million Dollars ($12,000,000) (the “Minimum Assessed Valuation”) as of January 1, 2017 (the “First Valuation Date”). It is intended by the Company that the Minimum Assessed Valuation shall be established on the Muscatine County property tax rolls as of the First Valuation Date regardless of the then-current degree of completion or incompletion of the Project. The Assessment Agreement shall remain in effect throughout the Term (as hereinafter defined).
Minimum Assessment Agreement. The Bank agrees to enter into an assessment agreement (the “Assessment Agreement”), pursuant to Section 403.6 of the Code of Iowa fixing the minimum assessed valuation of the Property, in contemplation of the value to be added by the proposed Project, at not less than Three Million Dollars ($3,000,000) (the “Minimum Assessed Valuation”) as of January 1, 2020 (the “First Valuation Date”). It is intended by the Bank that the Minimum Assessed Valuation shall be established on the Delaware County property tax rolls as of the First Valuation Date regardless of the then-current degree of completion or incompletion of the Project. The Assessment Agreement shall be in substantially the form attached hereto as Exhibit D and shall remain in effect throughout the Term, as hereinafter defined, of this Agreement.
Minimum Assessment Agreement. The Owner and the City shall execute a minimum assessment agreement in the form attached hereto as Exhibit E, as of the Effective Date (the “Minimum Assessment Agreement”). Owner shall cause the Minimum Assessment Agreement and an executed Assessor’s Certificate, in the form attached thereto, to be recorded against the Property.
Minimum Assessment Agreement. The parties agree to enter into an Assessment Agreement in the form of that attached hereto as Exhibit F and to use their best efforts to cause the St. Louis County Assessor to execute the same. Promptly upon execution of the Assessment Agreement, Xxxxxxxxx agrees to record the Assessment Agreement in the office of the St. Louis County Recorder and/or Registrar of Title and to pay all costs associated therewith. Upon recordation, Developer shall promptly submit to DEDA an executed original of the Assessment Agreement showing the date and document numbers of record, or a certified copy of the filed original.
Minimum Assessment Agreement. Workiva agrees that it shall execute a Minimum Assessment on the date of execution of this agreement in form and content to be mutually agreed, but substantially as set forth in Attachment B, which attachment is hereby made a part of this agreement by reference (the “Assessment Agreement”). The Assessment Agreement shall set forth the minimum value of the land and completed improvements on the land until the termination date specified therein. The agreement shall provide that the land and any improvements constructed by the Developer shall have an agreed taxable valuation of not less than $13,036,647 by January 1, 2015, subject to the terms and conditions therein.
Minimum Assessment Agreement. Xxxxxxx acknowledges that the Development Property is subject to and burdened by that certain Minimum Assessment Agreement dated December , 2019 and recorded in the Recording Office as Document No. (the “Minimum Assessment Agreement”). Xxxxxxx shall comply with the terms and conditions of the Minimum Assessment Agreement as they relate to the Development Property for so long as the Minimum Assessment Agreement remains in effect with respect to the Development Property. Throughout the term of the Minimum Assessment Agreement, Xxxxxxx shall take no action or permit any Xxxxxxx Parties or others under Xxxxxxx’x control to take any action to cause the Development Property or any portion thereof to be no longer generally subject to real property taxation. Before the termination of the Minimum Assessment Agreement, Xxxxxxx shall not:
(i) Seek administrative review or judicial review of the applicability of any tax statute relating to the taxation of the Development Property determined by any tax official to be applicable or raise the inapplicability of any such tax statute as a defense in any proceedings, including delinquent tax proceedings;
(ii) Seek administrative review or judicial review of the constitutionality of any tax statute relating to the taxation of the Development Property determined by any tax official, or raise the unconstitutionality of any such tax statute as a defense in any proceedings, including delinquent tax proceedings; and
(iii) Seek any tax deferral or abatement, either presently or prospectively authorized under any state or federal law, of the taxation of the Development Property.
Minimum Assessment Agreement.
(i) Developer and Xxxxxxx shall execute a minimum assessment agreement in substantially the form attached to this Agreement as Exhibit N (the “Minimum Assessment Agreement”). Developer shall be responsible for obtaining the certification of the County Assessor to the Minimum Assessment Agreement and for recording the Minimum Assessment Agreement against each Lot in the Recording Office.
(ii) Nothing in the Minimum Assessment Agreement shall limit the discretion of the County Assessor to assign an estimated market value to any Lot within the Property in excess of the applicable Minimum Lot Value (as defined in the Minimum Assessment Agreement) or prohibit any Owner from seeking through the exercise of legal or administrative remedies a reduction in such market values for property tax purposes; provided, however, no Owner shall seek a reduction of such estimated market value below the applicable Minimum Lot Value for any year’s assessment for which the Minimum Assessment Agreement shall remain in effect.
(iii) The Minimum Assessment Agreement must be certified by the County Assessor, as provided in Minnesota Statutes, Section 469.177, Subdivision 8, upon a finding by the County Assessor that the Minimum Lot Values are reasonable. Pursuant to Minnesota Statutes, Section 469.177, Subdivision 8, the filing by Developer of the Minimum Assessment Agreement in the Recording Office, shall constitute notice to any subsequent encumbrancer or purchaser of the Property (or any part thereof), whether voluntary or involuntary, and such Minimum Assessment Agreement shall be binding and enforceable in its entirety against any such subsequent purchaser or encumbrancer, including the holder of or mortgagee under any mortgage.
(iv) Developer shall cause the Minimum Assessment Agreement to be recorded against the Property and before the issuance of the TIF Note.
(v) Throughout the term of the Minimum Assessment Agreement, Developer shall take no action, and suffer no circumstances to exist or action to be taken by others (to the extent Developer may prevent the same), the effect of which would be to render the Property or any portion thereof to be no longer generally subject to real property taxation, except for the Ballfield Parcel. Before the termination of the Minimum Assessment Agreement, Developer shall not:
(A) Seek administrative review or judicial review of the applicability of any tax statute relating to the taxation of the Property determined by any tax official t...
