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Draft 1/4/95 <br /> <br />TAX INCREMENT FINANCING. Upon receipt of a Certificate of Occupancy for <br />the structure, the City agrees to provide the Permittee with f'mancial assistance in the <br />.amount of Two Hundred Three Thousand Dollars and no cents ($203,000.00) towards <br />maprovements. The Permittee agrees to enter into an Assessment Agreement, attached <br />hereto as Exhibit D, for Lot 1, Block 5, Gateway North Industrial Park 2, with a total <br />market value of the Property of Eight Hundred Thousand Dollars ($800,000) through the <br />year 2012. The financial assistance from the City shall be based upon the following <br />calculations: <br /> <br />Land Acquisition <br />Trunk Utilities Extension <br />Soil Correction <br /> <br />$ 40,000.00 <br />$ 32,60t.80 <br />$ 5,398.20 <br /> <br />Annual Site Improvements payments @ $15, 000 per year <br /> <br />$ 45,000.00 <br /> <br />Initial Site Improvements Payment <br /> <br />$ 80,000.00 <br /> <br />FINANCIAL ASSISTANCE PAYMENT. The City shall be responsible to provide <br />payment of the financial assistance listed in Paragraph 8 at the time that a certificate of <br />completion is issued for the project is issued, The annual payments shall be made on <br />November 1, 1996, 1997 and 1998. These payments will be made only if all property <br />taxes, City fees and charges on the property are current. <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. At the <br />time of building permit issuance all plan check fees state surcharges, permit fees and. sewer <br />and water access charges shall be paid in full. No Certificate of Occupancy for occupancy <br />of the structure will be issued until the Required Improvements are accepted by the City. <br /> <br />IMPROVEMENT CONSTRUCTION SCHEDULE. The Required Improvements <br />shall be completed before July 1, 1995. <br /> <br />ESCROW. The City and Permittee herein agree that the standard forms of £mancial <br />guarantee to insure the installation of the Required Improvements are hereby waived. The <br />Permittee herein agrees that the tax increment payments 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 />payment to the Permittee described in Paragraph 8 and 9 of this Agreement. <br /> <br />RECOGNITION OF LOCATION. As a continuance of the economic development <br />efforts expended between the City and the Permittee in conjunction with the development of <br />this site, the Permittee herein agrees to recognize Ramsey as the City of location on all <br />forms of advertising and business correspondence. <br /> <br />~Wendell's, Inc., 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 />/.6,0 <br /> <br />Page 25 <br /> <br /> <br />