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DRAFT 3/18/98 <br /> <br /> (I) As a continuance of the economic development efforts expended between the City and the <br />Developer and its assignees, in conjunction with the development of this site, the Developer herein agrees to <br />recognize Ramsey as the City of location on all forms of advertising and business correspondence whenever <br />reasonably prudent to do so. <br /> <br /> Section 2.2 By the City. The City makes the following representations as the basis for the <br />undertaking on its part herein contained: <br /> <br /> (a) <br />hereunder. <br /> <br />The City is authorized by law to enter into this Agreement and to carry out its obligations <br /> <br /> (b) The City has found that the TIF District is a "redevelopment tax increment financing district," <br />pursuant to M.S. §469. t74. <br /> <br /> (c) The City will, in a timely manner, subject to all notification requirements, review and act upon all <br />submittals and applications of the Developer, and wilt cooperate with the efforts of the Developer to secure the <br />granting of any permit, license, or other approval required, to allow the construction of the Minimum <br />Improvements; provided, however, that nothing contained in this subparagraph shall be construed to limit in any <br />way the reasonable and legitimate exercise of the City's discretion in considering any submittal or application. <br /> <br /> (d) The activities of the City are undertaken for the purpose of fostering the redevelopment of certain <br />real property which, for a variety of reasons, is presently unutilized and underutilized and for the purpose of <br />promoting economic development and the creation of employment opportunities. <br /> <br /> (f) The City will cooperate with the Developer with respect to any litigation, other than litigation in <br />which the City and the Developer are adverse parties, commenced with respect to the TIF Plan, Program, or <br />Minimum Improvements. <br /> <br /> (g) The Development Property is properly zoned for the developer's intended use and the Minimum <br />Improvements contemplated by the construction Plans are in conformity with the Program and TIF Plan. <br /> <br /> (h) The City has received no notice or communication from any local, state or federal official that the <br />activities of the Developer or the City in the Development District may b.e, or will be, in violation of any <br />environmental law or regulation (other than those notices or communications of which the Developer is aware). <br />The City is aware of no facts, the existence of, which would cause it to be in violation of, or give any person a valid <br />claim, under any local, state or federal environmental law, regulation or review procedure. <br /> <br /> (i) The City will provide the following f'mancial assistance to the Developer of the Development <br />Property. This assistance will be a total of Four Hundred Ninety-five Thousand Four Hundred Sixty-six and 00/100 <br />Dollars ($495,466.00). The f'mancial assistance from the City shall be based upon the following calculations: <br /> <br />Land <br />Think/Lateral Utilities Extension [Sewer and Water] <br />Development Fees [Park Dedication/Trail Fees/Storm Water Management] <br />Roadway Extensions <br />Capitalized Interest <br /> <br />$ 326,700.00 <br /> 44,600.00 <br /> 10,890.00 <br /> 45,276.00 <br /> 68.000.00 <br /> $ 495,466.00 <br /> <br /> Section 2,3 <br />deliver to Developer: <br /> <br />Obligations on Closing Date, At the closing, City shall execute, where appropriate, and <br /> <br />Page 6 <br /> <br /> I <br /> <br /> I <br /> I <br /> I <br />! <br />I <br />! <br /> <br />I <br /> <br />I <br />I <br />I <br /> <br />I <br />I <br />I <br />I <br /> <br /> <br />