Agenda - Council - 03/28/1995 - Laserfiche WebLink

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Draft 3/22/95 I I I I I I I I I I I I '1 I 8. TAX II~CREMENT FINANCING. Upon receipt of a Certificate of Occupancy for the structure, the City agrees to provide the Permittee with financial assistance in the amountpf Sixty-three Thousand Five Hundred Sixty-nine Dollars and Eighty-six cents ($63,569.86). The financial assistance from the City shah be based upon the following calculatibns: [ Trunk Uiilities Extension and Site Acquisition $ 33,569.86 Road C ~o~stmction $ 30,000.00 9. FINANCIAL ASSISTANCE. The City shall be responsible to provide financial assistanq~ listed in Paragraph 8 at the time that a Certificate of Occupancy is issued for the project. ~s assistance will be recovered by the City through Tax Increment received from the prol:~'W taxes over the period of yea_rs 1998 to 2012. 10. REQUI.REMENTS FOR BUILDING PERMIT. No building permit for the Site will be i~ued until the permittee has signed and returned this Development Permit. At the time of b~ilding permit issuance ail plan check fees state surcharges, permit fees and sewer and watel: access charges shall be paid in full. No Certificate of Occupancy for occupancy of the str~: ctm'e will be issued until the Required Improvements are accepted by the City. 11. IMPRO~/EMENT CONSTRUCTION SCHEDULE. The Required Improvements shall be e~mpleted before . 12. ESCROW. The City and Permittee herein agree that the standard forms of financial guarante~ to ensure the installation of the Required Improvements are hereby waived. The Permitte6. herein agrees that the tax increment payments' from the City to the Permittee, described~in Paragraph 8 of this Permit, shall serve as financial guarantee that the Required Improvements will be installed in accordance with City specifications and in'a timely manner. I~. the event the Permittee fails to construct and install the Required ImprOvements as requiregl herein, the City may complete the Required Improvements with City day labor and/or by~ letting contracts for said completion and deduct the cost of same from the payments !o the Permittee described in Paragraph 9 of this Agreement. 13. RECOGI~!ITION OF LOCATION. 'As a continuance of the economic development efforts exl~ended between the City and the Permittee in conjunction with the development of this site, the Permittee herein agrees to recognize Ramsey as the City of location on all forms of a~Ivertising and business correspondence. Carbon Product ~rechnology hereby acknowledges receipt of this permit and that they have reviewed the conditions of this permit and have agreed that they will comply with the terms of this permit. CITY OF RAMSEY CARBON PRODUCT TECHNOLOGY i By ': By Its: Ma'Vor Its: I By ? By I Its:, Ci~ Administrator Its: Page 25