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Section 1.2 By the City, The City makes the following representations as the basis for the undertaking
<br />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, {}469,174.
<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 will 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 be, 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 financial assistance to the Developer of the Development
<br />Property. This assistance will be a total of Two Hundred Sixty-three Thousand Eight Hundred Thirty-four and
<br />83/100 Dollars ($263,834.83). The financial assistance from the City shall be based upon the following
<br />calculations:
<br />
<br />Trunk Utilities Extension
<br />Roadway Assessment Waiver
<br />Provision of Site and City Development Fees
<br />Site Improvements
<br />Capitalized Interest @ 2 I/2 years ~ 8%
<br />
<br />$ 60,200.00
<br />$ 16,800.00
<br />$ 120,496.00
<br />$ 20,000.00
<br />$ 46,338.83
<br />
<br /> Section 2.3 Title and Survey. City, at City's expense, shall promptly obtain and deliver to Developer a
<br />commitment for an owner's title insurance policy (ALTA Owner's Form Policy 1992) issued by a title insurance
<br />company acceptable to Developer ("Title Company"), naming Developer as the proposed owner-insured of the
<br />Development Property in the amount of $1,700,000.00 (the "Commitment"), together with copies of all documents
<br />referred to in the Commitment. The Commitment shall commit to insure fee title in Developer, free and clear of all
<br />mechanic's lien claims, questions of survey, unrecorded interests, rights of parties in possession, or other exceptions.
<br />
<br /> Developer will be allowed ten (10) business days after receipt of the Commitment, the copies of the
<br />documents referred to in the Commitment and the Survey (as hereinafter defined) for examination thereof, and for
<br />making any objections to the marketability of the title to the Development Property, said objections to be made by
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