Agenda - Council - 08/26/2003 - Laserfiche WebLink

Home

Value of Site and Public Improvements Fees and Interest $ $238,491 $ 68.470 Total $ 306,961 The City shall reimburse the Developer for the cost of the Site and Public Improvements through the issuance of a Tax Increment Revenue Note in substantially the form attached to this agreement as Exhibit F. The note shall be dated, issued and delivered when the Developer has demonstrated in writing to the reasonable satisfaction of the City the construction of the Minimum Improvements has been completed and that the Developer has incurred and paid all costs associated with the site acquisition and Site Improvements. The principle amount of the note shall be paid solely from Tax Increments. The note shall be 'a special and limited obligation of the City. The City's obligation to make payments on the note shall be conditioned on the requirement that (a) there shall not at that time be an Event of Default that has occurred and is continuing under this ageement and (b) this .A~eement shall not have been rescinded. Section 2.3 Title and Survey. City, at City's expense, shall promptly obtain and deliver to Developer a commitment for an owner's title insurance policy (ALTA Owner's Form Policy 1992) issued by a title insurance company acceptable to Developer ("Title Company"), naming Developer as the proposed owner-insured of the Development Property in the amount of $238,491 (the "Commitment"), together with copies of all documents referred to in the Commitment. The Commitment shall commit to insure fee title in Developer, free and clear of all mechanics's lien claims, questions of survey, mzrecorded interests, rights of parties in possession, or other exceptions. Developer will be allowed ten (10) business days after receipt of the Commitment, the copies of the documents referred'to in the Commitment and the Suwey (as hereinafter defined) for examination 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 dee.reed 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 immediately commence and diligently endeavor to complete all actions necessary to cure the objections, including, but not limited to, the institution of "quick take" eminent domain proceedings, and shall be allowed until the Closing Date to cure such objections and make the title to the Development Property good and marketable of record in City and to obtain and deliver to Developer appropriate endorsements to the Commitment and an updated Survey indicating that any such objections have been cured. If not sooner satisfied, City shall satisfy any mortgages or other monetary liens against the Development Property at the closing. If the title to the Development Property, as evidenced by the Commitment and Survey together with any updating of the Commitment and Survey, is not made good and marketable of record in City on the Closing Date, Developer, at its option, may tenmnate this A~eement by giving written notice to City in which event this Agreement shall become null and void, and neither party shall have any further rights, obligations, or liability hereunder. City agrees to promptly obtain and deliver to Developer, at City's expense, a currently dated surx, ey of the Development Property ("Survey"), prepared by a Minnesota registered land surveyor acceptable to Developer and City. The Survey will be certified to City, Developer, and -123-