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

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Section 2.1. undertakings: Draft 3/21/95 ARTICLE II REPRESENTATION A~) UNDERTAKINGS By the Developer. The Developer makes the following representations and (a) The Developer has thc legal authority and power to enter into this Agreement; (b) The Developer will construct the Minimum Improvements in accordance with the terms of this Agreement, the Program, the TIF Plan, and ail local, state and federal laws and regulatibns; I I ! I I l~c) Upon completion of the Minimum Improvements, the Developer will operate and maintain or cause to be operated and maintained the Minimum Improvements until the Maturity Date. : (d) The Minimum Improvements constitute permitted uses under City ordinance, are in conformity with the Program and TI~ Plan, and will be consmacted by the Developer at a market value of at least One Million Six. Hundred Thousand Dollars and no cents ($1,600,000.00). (e) The Developer has received no notice or communication from any local, state or ' federalofficial that the activities of the Developer or the City in the Development District may be, or will be, in violation of any environmental law or regulation (other than those notices or communications of which the City is aware). The Developer is aware of no facts, the existence of, which would cause it to be in violation of or give any person a valid claim under any local, state or fede~environmental law, regulation or review procedure. - (f) The Developer will obtain, in a timely manner, all required permits,'licenses and approvals, and will meet, in a ti'mely manner, all requirements of all applicable local, state and federal laws and regulations which must be obtained or met before the Minimum Improvements may be lawfully constructed. . (g) 'Neither the execution and delivery of this Agreement, the consummation of the transactions contemplated hereby, nor the fulfillment of, or compliance with, the terms and conditions of this Agreement, is prevented, limited by or conflicts with, or results in a breach of the terms, conditions, or provisions of any corporate restriction or any evidences of indebtedness, agreement or instrument of whatever nature to which the Developer is now a party or by which the Developer is bound, or constitutes a default under any of the foregoing. = (h) The Developer will cooperate with the City with respect to any litigation, other than Litigation in which the City and the Developer are adverse parties, commenced with respect to the TIF Plan, the Program, or Minimum Improvements. - (i) Whenever any Event of Default occurs and if the City employs attorneys or incur other expenses for the collection of payments due, or to become due, or for the enforcement of performance or observance of any obligation or agreement on the part of the Developer under this Agreement, the Developer agrees that it shall, 'within ten days of written demand by the City, pay to the City the reasonable fees of such attorneys and such other expenses so incurred by the City. (k) The Developer will purchase the Development Property from the City for Sixty Thousand Dollars and no cents ($60,000.00). This payment shall take place prior to the issuance of the building permit for the facility, at which time the City shall transfer clear title to the developer for the Development Property as defined herein. The Purchase Agreement for the purpose of this section shall be attached to this document as exhibit I. Page 5 I I I I I I I I I I I I I I