Agenda - Council - 09/23/1997 - Laserfiche WebLink

Home

Section 2.2 By the City. The City makes the following representations as the basis for the undertaking on its part herein contained: (a) hereunder. The City is authorized by law to enter into this Agreement and to carry out its obligations (b) The City has found that the TIF District is a "Economic Development Tax Increment Financing District," pursuant to Minnesota Statutes, Section 469.174. (c) The City will, in a timely manner, 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 secure the granting 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 reasonable and legitimate exercise of the City's discretion in considering any submittal or application. (d) 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. (f) 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. (g) The Development Property is properly zoned for the developer's intended use and the Minimum Improvements contemplated by the construction Plans are in conformity with the Program and TIF Plan. (h) The City has received no notice or communication from any local, state or federal official that the activities of the Developer or the City in the Development District may be, or will be, in violation of any environmental law or regulation (other than those notices or communications of which the Developer is aware). 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 claim, under any local, state or federal environmental law, regulation or review procedure. (i) The City will provide the following financial assistance to the Developer of the Development Property. This assistance will be a total of Four Hundred Fifty-four Thousand Five Hundred Forty-seven and 00/100 Dollars ($~454,547.00). The financial assistance from the City shall be based upon the following calculations: Provision of Site and City Development Fees Water and Sewer Trunk Charges Roadway Assessment Waiver Capitalized Interest (2.5 years at 7.00%) Site Improvements Phase I Reimbursements Site Improvements Phase 2 Reimbursements Total Value of Assistance These payments will be made only if all property taxes and City fees current and a Certificate of Occupancy has been issued for the structure. 238,955.76 51,557.60 5O,4OO.OO 72,633.64 28,500.00 12,500.00 454,547.00 and charges on the property are Section 2.3 Title and Survey. City, at City's expense, shall promptly obtain and deliver to Developer a commitment for an owner's title insurance policy (ALTA Owner's Form Policy 1992) issued by a title insurance company acceptable to Developer ("Title Company"), naming Developer as the proposed owner-insured Page 6