Agenda - Council - 09/24/1996 - Laserfiche WebLink

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o o CITY The City will reimburse the Owner at a rate not to exceed $0.65 per square foot for the property deyeloped prior to 2002 excluding Lot 1, Block 1, AEC ENERGY PARK, Lot 1, Block 1, Altec ENERGY PARK SECOND, and any areas previously dedicated to the City. The payments for this property will be based on the following terms: · Interest Rate: 8% Term: Remaining life of the TIF District No. 6 Payment generation: Based upon $0.65 per square fo~t of development property wherein the development project is projected by the City to provide net tax increment sufficient to provide for this payment and City development costs. The payments shall be made only after the City receives the property tax payments including the new increment generated. Interest sh~l begin to accrue on January 2nd of the year in which the completed facility appears on the property tax roles for the Development Property. This Agreement shall mn with the Development Property and shall inure to the benefit of, and be bigding upon, the parties hereto and their respective heirs, executors, representatDes, successors and assigns. The Owner ~hall work with the City to ensure the timely development of the property and shall not withhold the transfer of the deed to the Development Property to prevent or hold hostage the i:levelopment agreement of the property within the district. The paymerits shall be made in the form of a tax increment note between the City and the Owner base~t upon the terms identified in item 1 and shall be duly recorded by the City. OF RAMSEY, MINNESOTA ANOKA ELECTRIC COOPERATIVE By Its: Mayor -? By Its: By Its: City ~dministrator By Its: