2024-102 Resolution - Laserfiche WebLink

Home Browse Search

It)% of the appraised value of the property to be assessed. The Advanced Energy District and the Commercial -Industrial Program will not provide financing for any costs in excess of this amount. The Advanced Energy District encourages you to do your research and receive bids from multiple installers before signing a contract. The Advanced Energy District is not responsible for determining the appropriate equipment, price or installer for your property. V. Compliance with Existing Mortgages The filing of the Petition and the adoption by the participating political subdivision of an ordinance to proceed under Ohio Revised Code Section 727.25 will establish a lien on your property as security for your obligation to pay special assessments in accordance with the Petition and the Advanced Energy District Documents. The lien securing the obligation to pay special assessments may be senior to all private liens, including your purchase mortgage(s). Many loan documents limit the ability of a property owner to place liens upon property without the consent of the lender, or authorize the lender to obligate you to prepay obligations. Please confirm with your lender(s) that participation in the Commercial -Industrial Program will not adversely impact your rights with respect to any existing loan documents, or obligate you to prepay your special assessments. VI. Transfer or Resale of the Subject Property If you sell your property prior to the end of the special assessment period for your Authorized Improvement, the new owner will assume the obligation to pay special assessments. Ownership of any Authorized Improvements on the subject property will transfer to the new owner at the close of the real estate sale. VII. Grants and Tax Benefits Please consult with your tax advisors with respect to the state and federal tax consequences of participating in the Commercial -Industrial Program, including whether you will be eligible for federal energy tax credits as a result of your participation in the Commercial -Industrial Program and whether you can deduct the interest component of the special assessments from your state and federal income taxes. Neither the Advanced Energy District nor any participating political subdivision is responsible for the state or federal tax consequences of participating in the Commercial - Industrial Program. Vlll. Changes in State and Federal Law The ability to issue bonds to finance Commercial -Industrial Program Authorized Improvements is subject to a variety of state and federal laws. If those laws were to change after you have made application to the Advanced Energy District, the issuer of the special assessment revenue bonds or other obligations may be unable to issue the bonds or other obligations and the Advanced Energy District may be unable to fulfill your financing application. The Advanced Energy District shall have no liability as a result of any such change in law. ILI]