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

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I I I I I I I I I I Draft 3/21/95 Section Z2 By the Ci .ry. The City makes the following representations as the basis for the undertaking ~n its part herein contained: (a) ,The City is authorized by law to enter into this Agreement and to carry out its obligations hereunder;, (b) ~lae City has found that the TIF Dislrict is a "redevelopment tax increment financing district," pursuaht to Minnesota Statutes, Section 469.174. (c) '~lae City will, in a _timely manner, subject to all notification requirements, review and act upon all ~ubmittals 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 construction of ~e Minimum Improvements; provided, however, that nothing contained in this subparagraph sh~tl. 1 be construed to limit in any way the reasonable and legitimate exercise of the City's discretion ~ considering any submittal or application; (d) The activities of the City .are undertaken for the purpose of fostering the redevelopment cfi certain real property which, for a variety of reasons, is presently unutilized and underutilized a~d for the purpose of promoting economic development and the creation of employment oppr}rtunities. (f) .T~.e City will cooperate with the Developer with respect to any litigation, other than litigation in whiqh the City and the Developer are adverse parties, commenced with.respect to the TIF Plan, Prograha, or Minimum Improvements. . (g) The proposed property is properly zoned for the developer's intended Use and the Minimum Impr6,vements contemplated by the construction Plans are in conformity with the Program and ~ Plan. (h) Tl!_e City has received no notice or communication from any local, state or federal official that the a{fivities of the Developer or the City in the Development District may be, or will be, in violation o~ any environmental law or regulation (other than those notices or communications of which the Cit~ is aware). The City 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 federal environmental law, regulation o~. review procedure. (i) T~e City will provide the following financial assistance to the Developer of the Development PrOperty. This assistance will be a total of Three Hundred Twenty-nine Thousand Three Hundred FCurteen Dollars and no cents ($329,314.00). The financial assistance from the City shall be base~ upon the following calculations: Trunk Utilities Extension and Site Acquisition Road ConStruction Site Improyements Capitalized Interest @ 2 1/2 years @ 10.5% Sale of Prc[perty $ 182,000.00 $ 77,200.00 $ 60,000.00 $ 70,114.00 $ (60,000.O0) Page 6