Property Tax Restriction. Developer, Special Purpose Entity, a Developer Affiliate or any subsequent owner of the Project shall be prohibited from (i) challenging or appealing the assessed value of the Project for ad valorem real property taxes below the threshold of the actual cost of initial construction incurred by Developer plus the fair market value of the Property, or (ii) pursuing an exemption from the obligation to pay ad valorem real property taxes on the Project (the "Property Tax Restriction"). These restrictions shall run with the title to the Property, shall be memorialized in the Deed, and shall expire only upon full satisfaction of the lease revenue bonds issued by the Zionsville Redevelopment Authority in November of 2015 for the construction of infrastructure improvements in the Creekside Allocation Area.
Property Tax Restriction. Developer, Special Purpose Entity, a Rahal Affiliate or any subsequent owner of the Project shall be prohibited from (i) challenging or appealing the assessed value of the Project for ad valorem real property taxes below the threshold of the actual cost of initial construction incurred by Developer plus the fair market value of the land comprising the Property, or (ii) pursuing an exemption from the obligation to pay ad valorem real property taxes on the Project (the "Property Tax Restriction"). These restrictions shall run with the title to the Property, shall be memorialized in the Deed, and shall expire only upon the earlier of (a) full satisfaction of the lease revenue bonds issued by the Zionsville Redevelopment Authority in November of 2015 for the construction of infrastructure improvements in the Creekside Allocation Area; or (b) December 31, 2032.
Property Tax Restriction. Developer, a Developer Affiliate or any subsequent owner of the Project shall be prohibited from (i) challenging or appealing the assessed value of the Project for ad valorem real property taxes below the threshold of the actual cost of initial Project construction incurred by Developer plus the Purchase Price of the Property, or (ii) pursuing an exemption from the obligation to pay ad valorem real property taxes on the Project (the "Property Tax Restriction"). These restrictions shall run with the title to the Property, shall be memorialized in the Deed, and shall expire only upon the earlier of (a) full satisfaction of the lease revenue bonds issued by the Zionsville Redevelopment Authority in November of 2015 for the construction of infrastructure improvements in the Creekside Allocation Area; or (b) December 31, 2032.
Property Tax Restriction. So long as ad valorem real property taxes are assessed by the applicable taxing authority in a commercially reasonable manner and consistent with market practices within the Indianapolis MSA Area. Developer, Special Purpose Entity, a Developer Affiliate or any subsequent owner of the Project shall be prohibited from (i) challenging or appealing the assessed value of the Project for ad valorem real property taxes below the threshold of the actual cost of initial construction incurred by Developer plus the Price of the Property, or
