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 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 total amount lof Fifty-Five Thousand Seven Hundred Fifty-four Dollars and Ten cents ($55,75~10) towards site improvements. The financial assistance from the City shall be based upOn the following calculations: i. Site Improvements $ 25,000.00 Annual Site Improvements payments @ $6,150.82 per year $ 30,754.10 9. FINANQIAL ASSISTANCE. The City shall be responsible to provide payment of the Twenty-qve Thousand Dollars and no cents ($25,000) in financial assistance at the time that a Cel'tificate of Occupancy is issued for the project. The annual payments shall be made on ~ovember 1, 1996, 1997, 1998, I999, and 2000. These payments will be made only if alliproperty taxes, City fees and charges on the property are cu nt. .. 10. REQUIII[EMENTS FOR BUILDING PERMIT. No building permit for the Site will be isled untU the permittec has signed and returned this Development Permit. At the time of b~ilding permit issuance, all plan check fees, state surcharges, permit fees and sewer an&water access charges shall be paid in full. No Certificate of Occupancy of the structure ~ill be issued until the Required Improvements are accepted by the City. 11. IMPRO~VEMENT CONSTRUCTION SCHEDULE. 'The unique Site Improvements shall be completed before . 12. ESCROV~. The City and Permittee herein agree that the standard forms of financial guarantee ~to ensure the installation of the unique Site Improvements are hereby waived. The Permiitee 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 unique Site Impm ~ements will be installed in accordance with City specifications and in a timely manner. In the event the Permittee 'fails to construct and install the .unique Site Improvem~ints as required herein, the City may complete the unique Site Improvements with City ~ ~ay labor and/or by letting contracts for said completion, and deduct the cost of same from the payment to the Permittee described in Paragraphs 8 and 9 of this Agreement. 13. RECOGN[TION OF LOCATION2 As a continuance of the economic development efforts expended between the City and the Permittee in conjunction with the development of this site, th~ Permittee herein agrees to recognize Ramsey as the City of location on all forms of ad~vertising and business correspondence. Trend Scientific, Ir~., hereby acknowledges receipt of this permit and that they have reviewed the conditions of this p~rmit and have agreed that they will comply with the terms of this permit. CITY OF RAMSE¥ TREND SCIENTIFIC~ INC. By. i By Its: MayOr Its: Page 2