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<br />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 Stmwood
<br />Drive.
<br />
<br />The City will conduct the necessary hearings to create a tax increment financing district
<br />("TIF") that will establish pay-as-you-go TIF returning 90% of any tax increment generated
<br />by the project for a 20-year period, subject to there being allowable costs under the T'EF
<br />laws. The agreements executed in conjunction with the TIF shall include a provision that
<br />would allow transfer of the Property by ACCAP. If a TIF district is not created as required
<br />by this Agreement, this Agreement becomes null and void.
<br />
<br />Unless a greater number is otherwise author/zed by the City Council, ACCAP will be
<br />allowed to develop up to a 32-unit town.house or single family unit project on the Property.
<br />Any such project must comply with the City's existing zoning regulations and
<br />comprehensive plan (1995).
<br />
<br />The creation of the TW district and the closing on the purchase agreement are conditions
<br />subsequent to this Ageement.
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<br />The City will execute all reasonable and standard grant documents required by the
<br />Metropolitan Council's Livable Communities Grant program in the amount of $135,000.
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<br />The parties for themselves and all present and fom4er councilmembers, officers, directors,
<br />employees, attorneys and agents, and ~eir respective assigns, agents, representatives,
<br />spouses, heirs, executors and administrators, remise, release and forever discharge the other
<br />party and all and each of their predecessor and successor firms, subsidiaries and affiliates,
<br />and all of its and their present and former councilmembers, officers, directors, partners,
<br />principals, employees, attorneys and agents, and their respective ass/g-ns, agents,
<br />representatives, spouses, heirs, executors and administrators of and fi.om any and all actions,
<br />causes of actions, liabilities, suits, debts,, sums of money, accounts, bonds, bills, covenants,
<br />contracts, controversies, agreements, promises, damages, judgments, claims and demands
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<br />JJT-200495vl
<br />B E295 -73
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