Agenda - Council - 01/09/2001 - Laserfiche WebLink

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-180- penalty of $100 for each subsequent day until the report is filed up to a maximum of $3,000. (4) The Developer agrees to continue operations on the Development Property for at least five (5) years after the Benefit Date.- There are no other state or local government agencies providing financial assistance for the Project other than the City. (i) The Developer agrees to sell an 8.77-acre site to the City under the terms and conditions of the purchase agreement attached hereto as Exhibit H. The Developer shall have the right' to occupy and continue business operations from the site identified in Exhibit H until-(1) the Minimum Improvements are constructed and an occupancy pe/'rnit has been issued by the City or (2) October 1,200i, whichever occurs first. This right-of occupancy shall be provided at no cost to the De~veloper. The'D'evel.0p~r shall ha¢~ b.n oPff6:h 'f6!phfC~ase ~.p~et"Pi:°P6s~c[:t~5~be"P'Iatted as $-L 00.. The :.bPti'on 'Shalli' be:.~' f~. *. a'; Peri'od': 6f five. 2y~ai:s:: from;:~th~':datdi:'$f'this agreement. 'The r[glit to' exerciae~'.~he:oPti~n sh~ll' b~:c0hdifi°ned: C'onstraCting,; .or. :~cauging' tc~.~;-be~4'90nstructed,I:~ addifi~h'al:.i"!mpr0~eme~tS!:;6n:' the DeVeloPment-. Pr0pertyl and/or' the-Opti'0n':.Pt:o'Pe ~ .,'_ mir~imum impro~.ements~..co~biried. with tlie 'additi'0nal 'imProVements:-Shall 14ave an'.~oka cotin~ '-minimum as'sescedl ..value 0f..at.)!eas[_- ~e.e:::'¢d!m.a" E~ght hur~di, ed.tl~°Usanct ahd100710'0 D¢llai~S '($3,800,000;00).U~POn CompteUon: Section 2.2 By the City. The City makes the following representations as the basis for the undertaking on its part herein 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 a "redevelopment tax increment -financing district," pursuant to M.S. {}469.174. (c) The City will, in a timely manner, subject to alt 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 granting of any permit, license; or other approval required, to allow the construction of the Minimum Improvements; provided, however, that nothing contained in this subparagraph shall be construed to Emit in any way the reasonable 'and legitimate exercise of the City's discretion ~n considering any submittal or application. (d) The activities of the' City are undertaken for the purpose of fostering the redevelopment of certain real property which, for a variety of reasons, is presently unutilized and underutilized and for the purpose of promoting economic development and the creation of employment opportunities. I I I i I I I I I I I I I' I I I I I I