Agenda - Council - 09/23/2003 - Laserfiche WebLink

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(k) a warning within one week of the required filing date. If within 14 days of the post marked date of the warning the reports are not made, the Developer agrees to pay to the City a penalty of $100 for each subsequent day until the repQrt is:filed:up to a maximum of $3,000. (iv) The Developer agreeS..to C0nt~nfle :operations consisting of the Minimum Improvements on the DevelOpment Property for at least five (5) years after the Benefit Date. With the exCeption of financing provided by SBA or the Department of Employment and Economic Development (DEED), there are no other state or::local government agencies providing financial assistance for the Project .Other than the City. (v) There is no parent corporation or Other entity of the Developer. The Developer shall pay to the City all of its legal and administrative expenses that are incurred by the City. in aSsociation with the project within 15 days of a written notice by the City (ndic~t!ng thg:legal and ~dministrative expenses that are currently due and owing in ~ amount not to exceed $5,000.00. Until the Maturity Date the Deyel~p, er.shall operate the Minimum Improvements as a manufacturing or warehOUsing, i~torage and distribution facility. Section 2.2. By the City. The City makes. }h~following representations as the basis for the undertaking on its part herein contained: (a) The City is authorized b.y'law to enter into this Agreement and to carry out its obligations hereunder. .... (b) (c) (d) (e) The City has found that the T!F .District is an "economic development tax increment financing district,".pursuant to M.S. § 469.174. The City will, in a timely m~ al~er? subject to all notification requirements, review and act upon all submittals and applications of the Developer, and will cooperate with the efforts of the DeVeloper.to 5~ure the gr~nting of any permit, license, or other approval required, to allow the construction of the Minimum Improvements; provided, however, that nothing contained in this Subparagraph shall be construed to limit in any way the raa~9..nabl~'ahd 1.egitimate exercise of the City's discretion in considering any submittal or application. The activities of the 'City are undertaken for the purpose of fostering the redevelopment of certain real property which, for a variety of reasons, is presently unutilized and underutilized 'and for the purpose of promoting economic development and the creation of employment opportunities. The City will cooperate with the Developer with respect to any litigation, other than litigation in which the City and the Developer are adverse parties, commenced with respect to the TIF Plan, Program, or Minimum Improvements.