Agenda - Council - 01/23/2001 - Laserfiche WebLink

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-80- Value of Site and Public Improvements Site Improvements Capitalized Interest ~ 2 years ~ 9,0% $ 340,667 $ 50,000 $ 73;484 Total $ 464,151 The City will reimburse the Developer for Site Improvements in the amount of $50,000. Reimbursement for the Site Improvements will be made in equal installments of $10,000 per year beginning in the year 2003 and ending in the year 2007. Payments will be made on or before December 31 of each year beginning in 2003 and ending in 2007. The developer must provide written evidence o factual Site Improvement costs equal to or greater than $50,000. These site improvement payments will be made only if all property taxes and City fees and charges on the property are current and a Certificate of Occupancy has been issued for the structure. The developer will waive any interest or penalty for any payment witltheld. 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 $' : :; :- (the "Commitment"), together with copies of all documents referred to in the Commitment. The Commitment shall commit to insure fee title in Developer, fl'ee and clear of all mechanic's lien claims, questions of survey, unrecorded 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 docmnents referred to in the Commitment and the Survey (as hereinafter defined) for exmnination 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 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 terminate this Agreement by giving written notice to City in which event this Ageernent 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 survey of the Development Property ("Survey"), prepared by a Mirmesota registered land I I I I I I I I I I I