Agenda - Council - 08/12/2008 - Laserfiche WebLink

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a warning withui one week of the required filing date. If within 14 days of the post marked date of the warning the reports are not made, the Developer agrees to pay to the City a penalty of $100 for each subsequent day until the report is filed up to a maximum'of $1,000. (iv) The Developer agrees to continue operations consisting of the Minimum Improvements on the Development Property for at least five (5) years after .the Benefit Date. With the exception of financing provided by SBA or the Department of Employment and Economic Development (DEED), there are no other state or local goverrunent agencies providuig fmaucial assistance for the Project other than the City. (v) There is no parent corporation or other entity of the Developer (j) The Developer shall pay. to .the City all of its legal and acministrative expenses that are incurred by the Cityvi association with the project withui 15 days of a written notice by the City indicating the legal and administrative expenses that are currently due and owuig in an amount not to exceed $5,000.00. (k) Until the Maturity Date the Developer shall operate the Minimum Improvements as a manufacturing or warehousing, storage and distribution facility. ' Section 2.2. By the City. The City makes the following representations as the basis for the undertaking on its part hereui contained: (a) The City is authorized by law to enter into this Agreement and to carry out its . obligations hereunder: (b) The City has found that the TIF District is an "economic development tax increment financing district," pursuant to M.S. § 469.174. (c) The City will, iii a timely manner, subject to all notification requirements, review and act upon all submittals and applications of the Developer, and will cooperate with the efforts. of the Developer to secure the grantniQ of any permit, license, or other approval required, to allow the construction of the Mini,ilum Improvements; provided, however, that nothuig contained iu this subparagraph shall be construed to limit in any way the reasonable and legitimate exercise of the City's discretion uZ considering any submittal or application. (d) The activities of the City are undertaken for the pm~pose of fostering the redevelopment of certain real properly which, for a variety of reasons, is presently mlutilized and underutilized and for the purpose of promotuig economic development and the creation of employment opportunities. (e) The City will cooperate with the Developer with respect to any litigation, other than litigation in which the City and the Developer aa-e adverse parties, commenced with respect to the TIE Plan, Program, or Minmum Improvements. -254-