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I <br /> I <br />I <br />I <br />I <br />I <br />I <br />I <br />! <br />I <br />i <br /> <br />9. <br /> <br /> 10. <br /> <br />11. <br /> <br />12. <br /> <br />TAX INCREMENT FINANCING. The City has determined that due to project <br />development costs, this development would not occur but for cooperation and facilitation <br />by the City. The Permittee hereby agrees to an Assessment Agreement, attached hereto as <br />Exhibit "A", with a minimum market value of Two Million Seventy Thousand Dollars and <br />no cents ($2,070,000.00) for taxes payable from 1998 through 2012 on the facility in its <br />entirety. The City shall be responsible for releasing a previous Assessment Agreement <br />entered into between the City of Ramsey and Sharp and Assoicates, dated July 26, 1994, <br />and recorded at Anoka County as Document No. 263663. <br /> <br />This second phase of the facility consists of a 37,859 square foot expansion and will have <br />an estimated market value for tax purposes of $32.17 or greater per square foot. The City <br />agrees to provide reimbursement toward infrastructure and site improvements using a basis <br />of $1.00 per year per square foot of structure built (37,859 square feet) These <br />reimbursoment payments will be m~de on the 15th of December of each year, provided that <br />the City Administrator or his/her designee has been provided with proof that all taxes, fees <br />and charges are current. In return, the Permittee agrees to offer the City ratification <br />opportunity for all lease and other tenant agreements. Said City ratification shall not be <br />unreasonably withheld. <br /> <br />REQUIREMENTS FOR BUILDING PERMIT. No building permit for the Site <br />will be issued until the Permittee has signed and returned this Development Permit. <br /> <br />IMPROVEMENT CONSTRUCTION SCHEDULE. The Required Improvements <br />shall be constructed and installed on or before December 31, 1996. <br /> <br />ESCROW. The City and Permktee herein agree that the standard forms of financial <br />guarantee to ensure the installation of the Required Improvements are hereby waived. The <br />Permittee herein agrees that the financial assistance from the City to the Permittee, <br />described in Paragraph 8 of this Permit, shall serve as financial guarantee that the Required <br />Improvements will be installed in accordance with City specifications and in a timely <br />manner. In the event the Permittee fails to construct and install the Required Improvements <br />as required herein, the City may complete the Required improvements with City day labor <br />and/or by letting contracts for said completion, and deduct the cost of same from the <br />financial assistance payments to the Permittee described in Paragraph 8 of this Agreement. <br /> <br />RECOGNITION OF LOCATION. As a continuance of the joint economic <br />development efforts expended between the City and the Permittee in conjunction with the <br />development of this site, the Permittee herein agrees to recognize Ramsey as the city of <br />location on all forms of advertising and business correspondence. <br /> <br />Sharp and Associates hereby acknowledges receipt of this permit and that they have reviewed the <br />conditions of this permit and have agreed that they will comply with the terms of this permit. <br /> <br />SHARP AND ASSOCIATES <br /> <br />By: <br /> <br />Dennis L. Sharp <br /> <br /> <br />