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Site Improvement Costs in the amount of $250,000 will be paid by the City to the Developer, <br />without interest, in ten annual installments in the amount of $25,000 payable on each December 15, commencing <br />December 15, 1999. Such payments will be made solely from and to the extent of 50% of the tax increments (as <br />defined in Minnesota Statutes, section 469.174 to 469.179) attributable to the Development Property and actually <br />received by the City as of any payment date ("Available Tax Increment"). The City will have no obligation to make <br />any payment on any payment date unless <br /> <br />(i) the Developer has provided written evidence to the City that it has expended Site Improvement Costs <br /> in at least the amount of the payment requested, <br /> <br />(ii) all property taxes, assessments, and City fees and charges related to the Development Property are <br /> current and there is no other uncured Event of Default, and <br /> <br />(iii) a Certificate of Occupancy has been issued for the structure. If those conditions are not met, or there is <br /> any other uncured Event of Default as of any payment date, the City may withhold payments, without <br /> interest, until the default is cured. <br /> <br /> The City makes no representation or warranties that Available Tax Increments will be sufficient to make <br />any or all payments under this clause. The City's calculation of Available Tax Increment shall be conclusive. If <br />Available Tax Increment is insufficient to make the payment required on any payment date, the deficiency will be <br />deferred and paid on the next payment date on which the City has received Available Tax Increment in excess of the <br />amount due and payable on that date. In no event will the City have any obligation to make any payment under this <br />clause after December 15, 2008. The City may, at its sole discretion, prepay Site Improvement Costs on any date. <br /> <br /> Section 2.3 <br />deliver to Developer: <br /> <br />Obligations on Closing Date. <br /> <br />At the closing, City shall execute, where appropriate, and <br /> <br />The Assessment Agreement. <br /> <br />The Lien Agreement. <br /> <br />The License Agreement. <br /> <br />The Agreement to Pay Deficiencies. <br /> <br />do <br /> <br />At the closing, Developer shall execute, where appropriate, and deliver to the City: <br /> <br />a. The Developer Permit in the form attached. <br /> The Assessment Agreement. <br />c. The Lien Agreement. .~ <br /> The Agreement to Pay Deficiencies. <br /> <br />Page 7 <br /> <br /> <br />