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By entering into this Agreement or by closing on the Purchase Agreement, the City is not <br />obligating itself to rezone the Property. The City will also not be obligated to remove or <br />replace the wetlands that have been created on the portion of the Property west of Sunwood <br />Drive. <br /> <br />The City will expeditiously conduct the necessary hearings to create a tax increment <br />financing district ("TIF") that will establish pay-as-you-go TIF returning 90% of any tax <br />increment generated by the project for a 20-year period, subject to there being allowable <br />costs under the T~ laws. The agreements executed in conjunction with the TIF shall include <br /> <br /> 'il,,,,,i ]rxo,, 7 - . <br />a provision that would allow transfer of the Property by ACCAP---~w. .......... s~c-rax <br /> <br />rr~c~, ,,;,,~2. If alter appropriate hearings and clue consideration tile City Council o f <br />thc C/tv of Ramsev votes aeainst the creation of a TI~ district or if the creation of such a <br />district would be contrary t'o law and is therefor not creal'ed as required by this Agreement, <br />finis Agreement becomes null and void. <br /> <br />In the event the City and ACC)d~ enter into a tax increment financinu aareement and ii' <br /> <br />,%7. <br /> <br />rc__quested by any mortgagee of the Property or proiect to be developed on the Property. the <br />City will subordinate its interest in the Property to the mort~aaee's interests, except that the <br /> <br />Citv shall not be required to subordinate to the assessment agreement which is a part of the <br />tax increment financinv at~reement. <br /> <br />__ Unless a greater number is otherwise authorized by the City Council, ACCAP will be <br /> allowed to develop up to a 32-unit townhouse or single family unit project on the Property. <br /> Notwithstandiim thc £oregoina sentence, any such project must comply with the City's then <br /> <br /> a_tl/l?lica b lc ~ ;°'; .... zoning regulations and comprehensive plan r ~ c~r~< ~ <br /> <br />__The creation of the TIF district and the closing on the purchase agreement are conditions <br /> subsequent to this Agreement. <br /> <br />____The City will process the Metropolitan Council Livable Communities urant in tine amount of <br /> $135,000. and will execute all reasonable and standard grant documents required by fine <br /> <br /> Metropolitan Council's Livable Communities Grant program_. ;- ''~ ........... ' .- ~' ¢~ ~ < rm(~ <br /> <br />JJT-200495vl <br />BE295-73 2 <br /> <br /> <br />