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

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(f) The Development Properly is properly zoned-for the developer's intended use and the Minimum. hnprovenients contemplated by the Constriction Plans are. in confornuty with the Progranl and TIF Plan. (g) The City has received no notice or conununication from any local, state or federal official that the activities of the Developer or the City in the Development District maybe, or will be, in violation of any environmental law or regulation (other than those notices or comiuunications of which the Developer is aware). The City is aware of no facts, the existence of, which would cause. it to be iu violation of, or give any person a valid claim, under any local., state or federal environmental law, regulation or review procedure. . (h) The City will provide $192,500.00 of Financial Assista~.lce to the Developer determined as follows: Value of the. Development Property and and the Public Improvements $251,103 Business Subsidy (the "Financial Assistance") - $225 000 Total Cash Due from Developer at Closing $26,103 On the Closing Date, Developer agrees to pay. to the City the difference between the value of the Development Property plus the Public Improvements less the Financial Assistance. Section 2.3,. Title. City, at its expense, shall promptly obtain and deliver to Developer a Commitment for an owner's title insurance policy (ALTA Owner's Form Policy 1992) naming Developer as the proposed. owner/insured of the Development Property (tlie "Title Commitment"). The Title Commitment shall commit to insure fee title in Developer, free and clear of all mechanic's lien claims, unrecorded interests, rights of parties in possession, or other exceptions and subject to: (a) Covenants, conditions, easements and restrictions of record,. particularly, as created by the .Landfill Cleanup Agreement between Waste Ma~lagement of Minnesota, Inc., and The Commissioner of the Miulesota Pollution Control Agency pursuant to Minn. Stat. 115B.39-115B.46; and (b) Declaration of Restrictions and Covenants made Ocober 15, 1.997 by Waste Management of Mimiesota, Inc. and recorded in Abstract March 11, 1998 as Document No. 1326784 and as registered in Torrens as Document 308555, which Declaration provides in pertiient part that the Mimnesota Pollution Control Agency shall have access to the Property, the .Developer shall cooperate with clean-up efforts, and that no new or additional drinki~.ig water wells shall be installed it or on the Property .without the written approval of the Commissioner and the Minnesota Depai-tinent of Health. Developer will be allowed ten (10) busiiess days after receipt of the Title Conunitment for exanuiiation thereof, and for making any objections to the marketability of the title to the Development Property, said objections to be made by written notice or to be deemed waived. Developer need not object to mortgages or other monetary liens. If any objections are so made to the marketability of the title to the Development Property, City shall inunediately commence and diligently endeavor to complete all actions necessary to clue the objections, aild shall be allov~Ted until the C1osilg Date to cure such objections and make the title to the Development -255-