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(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. {}469.174. <br /> <br /> (c) The City will, in a timely manner, subject to ali 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 Improvements; <br />provided, however, that nothing contained in this subparagraph shall be construed to limit in any way the reasonable <br />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 economi¢ 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, commence with respect to the TIF Plan, Program, or <br />Minimum Improvements; provided, that the City shall not be obligated to incur costs through the retaining of legal <br />counsel or experts, or otherwise, in connection with such litigation. <br /> <br /> (g) The City has created and established Development District No. 1 ("District") and Tax Increment <br />Financing District NO. 4 ("TIF District") pursuant to the authority granted in M.S. {}469.124 through {}469.134 and <br />{}469.174 through §469.179. In addition, the City has conducted all of the activities in this district in accordance <br />with applicable state, federal and local laws. <br /> <br /> (h) The City will provide the following financial assistance to the Developer of the Development <br />Property. This assistance will be a total of Four Hundred Fifty-seven Thousand Seven Hundred Fourteen and <br />00/100 Dollars ($457,714.00). The financial assistance from the City shall be based upon the following <br />calculations: <br /> <br />City Development Fees <br />Water and Sewer Trunk Charges <br />Roadway Assessment Waiver <br />Site Improvement Reimbursements ($25,000 for 10 years) <br />Capitalized Interest (2.5 years at 8%) <br /> <br /> 92,712.00 <br /> 35,680.00 <br /> 42,840.00 <br />250,0OO.OO <br /> 36,482.00 <br /> <br />Total Value of Assistance <br /> <br />$ 457,714.00 <br /> <br /> These payments will be made only if all property taxes and City fees and charges on the property are <br />current and a Certificate of Occupancy has been issued for the structure. The developer will waive any interest or <br />penalty for any payment withheld. <br /> <br />Page 6 <br /> <br /> <br />