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

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Draft 3/16/95 (k) The Developer will purchase the Development Property from the City for Eighty Thousand Dollars and no cents ($80,000.00). This payment shall take place prior to the issuance of the b~d_ing permit for thc facility, at which time the City shall transfer clear rifle to the developer for the Development Property as defined herein. Section 2.2 By the Ci _ty. The City makes the following representations as the basis for the undertaking on its part herein contained. (a) Th~ City is authorized by law to enter into this Agreement and to carry out its obligations hereunder. ~b) The City has found that the TIF District is a "redevelopment tax incxement financing district," pursuant to MinneSota Statutes, Section 469.174. ~c) The City will, in a timely manner, subject to all notification requirements, review and act~pon all submittals and applications of the Developer, and will cooperate with the efforts of the DeVeloper to secure the granting of any permit, license, or other approval required to allow the constrtmtion of the Minimum Improvements, provided, however, that nothing contained in this subparagraph shall be construed to limit in any way the reasonable and legitimate exercise of the City's ~screfion in considering any submittal or application. Kd) The activities of the City are undertaken for the purpose of fostering the redevelopment of certain real property which, for a.variety of reasons, is presently unutilized and underutilized and for the purpose of promoting economic development and the creation of employment opportunities. ~(f) The City will cooperate with the DeveloPer with respect to any litigation, other than' litigation in which the City and the Developer are adverse parties, commence with respect to the . TIY plan, Program, or Minimum Improvements, provided that the City shall not be obligated to incur costs through the retaining of legal counsel or experts, or otherMse, in connection with such litigation. ~ (g) The City will provide the following financial assistance to the Developer of the Develbpment Property. This assistance will be a total of One Thirty Thousand Dollars and no cents [$130,000.00). The financial assistance from the City shall be based upon the following calculations: ; Trunk Utilities Extension and Site Aqusition $ 80,000.00 } Road Construction $ 25,000.00 ~ Site Improvements $ 25,000.00 ~ Annual Site Improvements payments @ $13, 000 per year $ 130,000.'00 ; The first payment becoming due on November 1, 1997, and each year thereafter until the year 2006. These payments will be made only if all property taxes, City fees and charges on the property are current and a Certificate of Occupancy has been issued for the structure. Page 6 I I I I I I I I I I I I I I I I I I