Agenda - Council - 01/25/2000 - Laserfiche WebLink

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I I I I I I I I I I I I I I I I ! I (2) The sole source of funds from which the City is obligated to reimburse the Developer for the Legal and Administrative Expenses paid by the Developer is limited to 10% of the Tax Increments and nothing herein shall be construed to obligate the City to use any of its general funds or other municipal funds to reimburse the Developer for such costs. (3) Provided that no Event of Default shall have occurred and be continuing hereunder, the City shall reimburse the Develoner for the Legal and Administrative Expenses paid by the Developer from Tax Increments in amount not to exceed 10%.of the semi--~.nnual Tax Increments in the following manner: On February 1 and August'S! in each year, commencing en ~'ebruary 1, 2001, the City shall pay to the Developer from lu% of the Tax Increments the amount of the Legal and. ~C.'~inistrativ~ Expenses-pa~d by the Developer not pzeviously ~ ~imbursed from Tax Incren,ents. Such ~. ~yments by -~he City to he Develope. shall continue until the earlier of the date qe Developer has been reimbursed for all the Legal and ~ 'u~inistrativ' Expenses paid by the Developer or th= City has ~ ~-n reimbuz'sed from Tax ~"h~crements fc~' the cost of 'r velopment ~'roperty and t~.~e interest s-oecified in Section %~ction 3.3. ~~~%~~. ,~) In orde, to satisfy the provisions of Minnesota Stat,.~s, Section .... I16J.993 to 116J.995 (thc Business Subsidies Act), the Developer acknowledges and agree~ that the amoant of the Busin=ss Subsidy granted to the Developer under this Agreement is $ ,~00 which is an amount e~.~l to or les~ than the fair market value of the Development Prope~3ty and the purchase price paid by the De'~,eloper for the Development Property° The Developer further ackn~.~ledges that the Business Subsidy is needed because the Project is not sufficiently feasible for the Developer to undertake without the Business Subsidy. The Tax Increment District is a redevelopment district and the public purpose of the Business' Subsidy is to encourage the redevelopment of the property in the City. The Developer agrees that it will meet the following goals (the "Goals"): It will create at least full time jobs in connection with the development of the Development Property at an hourly wage of at least $ .00 per hour within two years from the Benefit Date, which is the date of the building permit issued by the city for the redevelopment of the property. (2) If the Goals are not met, the Developer agrees to repay all of a part of the Business Subsidy to the City, plus interest ("Interest") set at the implicit price deflator defined in' Minnesota Statutes, Section 275.70, Subdivision 2, accruing from and after the Benefit Date, compounded semiannually. If the Goals are met in part, the Developer will repay a portion of the 1062445.4 7