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

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I I I I I I I I I I I I I I I I I I I Draft 3/16/95 o e I0. 11: 12. 13. TAX INCREMENT FINANCING. Upon receipt of a Certificate of Occupancy for the structure, the City agrees to provide the Permittee with financial assistance in the amount ~bf One Hundred Thirty Thousand Dollars and no cents ($130,000.00) towards site improveinents. The financial assistance from the City shall be based upon the following calculatiSns: Trunk U~lities Extension and Site Aqusition Road Cohstruetion Site Imp~vements Annual ,~ite Improvements payments @ $13,000 per year $ 80,000.00 $ 25,000.00 $ 25,000.00 $ 130,000.00 FINANI$- IAL ASSISTANCE. The City shall be responsible to provide payment of the financial ~sistance listed in Paragraph 8 at the time that a Certificate of Occupancy is issued for the p~oject. The annual payments shall be made on November 1, 1997, 1998, 1999, 2000, 200~ 1, 2002, 2003, 2004, 2005, and 2006. These payments will be made only if all property ~axes, City fees and charges on the property are current. REQUII~EMENTS FOR BUILDING PERMIT. No building permit for the Site will be issued until the permittee has signed and returned this Development Permit. At the time of btiilding permit issuance all plan check fees state surcharges, permit fees and sewer and wate~ access charges shall be paid in full. No Certificate of Occupancy for occupancy of the structure will be issued until the Required Improvements are accepted by the City. IMPROVEMENT CONSTRUCTION SCHEDULE. The Required Improvements shall be cd}mpleted before .. ESCROW. The City and Permittee herein agree that the standard forms of financial guarantee ito ensure the installation of the Required Improvements are hereby waived. The Permittee iherein 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 Improventents 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 require~ herein, the City may complete the Required Improvements with City day labor and/or by iletting contracts for said completion and deduct the cost of same from the payments ~ the Permittee described in Paragraph 9 of this Agreement. RECOGNITION OF LOCATION. As a continuance of the economic development efforts exlr~nded 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 advertising and business correspondence. Riverside Development Corporation 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 RAMSI~Y RIVERSIDE DEVELOPMENT CORPORATION By ~ By Its: Mag9r Its: Page 25