Agenda - Council - 12/12/2000 - Laserfiche WebLink

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I II '1 I I I I I I I I I I I I I ARTICLE II REPRESENTATIONS AND WARRANTIES Section 2.l...R. epresentations and Warranties of the City. The City makes the follOwing representations and warranties: (1) The City is a municipal corporation and has the power to enter into this Agreement and carry out its obligations hereunder. (2) The Tax Increment District is a "housing district within the meaning of Minnesota Statutes, Section 469.174, Subdivision 11, and was created, adopted and approved in accordance with the terms of the Tax Increment Act. (3) The development contemplated by this Agreement is in conformance with the development objectives set forth in the Development Program. (4) To finance certain costs within the Tax Increment District, the City proposes, subject to the further provisions of this Agreement, to apply Tax Increments to reimburse the Developer for the costs of the Development Property and the Site Improvements incurred in connection with the Project as further provided in this Agreement. Section 2.2. Representations and Warranties of the Developer. The Developer makes the following representations and warranties: ":~'-' (I) The Developer has the power to enter into this Agreement and to perform its obligations hereunder. (2) The Developer will cause the Project to be installed in accordance with the terms of this Agreement, the Development Program, and all local, state and federal laws and regulations (including, but not limited to, environmental, Zoning, energy conservation, building code and public health laws and regulations). (3) The construction of the Project would not be undertaken by the Developer, and in the opinion of the Developer would not be economically feasible within the reasonably foreseeable future, without the assistance and benefit to the Developer provided for in this Agreement. (4) The construction of the Project will commence on or before May 1~ 2001 and, barfing Unavoidable Delays, the Project will be substantially completed by December 31, 2001. (5) The Developer will use its best efforts to obtain, or cause to be obtained, in a timely manner, all required permits, licenses and approvals, and will meet, in a timely manner, all requirements of all applicable local, state, and federal laws and. regulations which must be obtained or met before the balance of the Project may be lawfully constructed. -179-