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

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Draft 3/21/95 ~BUILDING FACADE. The Permittee agrees to construct all building faces of the same ~material as listed on the Site Plan as certified by. the Zoning Administrator. :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 of Three Hundred Twenty-nine Thousand Three Hundred Fourteen Dollars and no ; cents ($329,314.00). The financial assistance from the City shall be based upon the following calculations: Trunk Utilities Extension and Site Acquisition Road Construction Site Improvements Capitalized Interest @ 2 1/2 years @ 10.5% Sale of Property $ 182,000.00 $ 77,200.00 $ 6O,0OO.0O $ 70,114.00 $ (60,000.00) FINANCIAL ASSISTANCE. The City shall be responsible to Provide payment of the financial assistance listed in Paragraph 8 at the time that a Certificate of Occupancy is issued for the project. The payment for the Site Improvements shall be made at the time of closing on the development property. These payments will be made only if all property taxes, City fees and charges on the property are current. REQUIREMENTS 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 building permit issuance ail plan check fees state surcharges, permit fees and sewer andwater access charges shall be paid in full. No Certificate of Occupancy for occupancy of the structure will be issued until the Required Imp ..rovements are accepted by the City. IMPROVEMENT CONSTRUCTION SCHEDULE. The Required Improvements shall be completed before . ESCROW. The City and Permittee herein agree that the standard forms of financial guarantee to ensure the installation of the ReqUired Improvements are hereby waived. The Permittee herein agrees that the tax increment payments from the City to the Perrnittee described in Paragraph 8 ofthis Permit shall serve as financial guarantee that the Required Improvements will be installed in accordance with City Specifications and in a timely manner. In the event the Permittee fails to construct and install the Required Improvements as required herein, the City may complete the Required Improvements with City day labor and/or by letting conwacts for said completion and deduct the cost of same from the payment to the Permittee described in Paragraphs 10 and 11 of this Agreement. RECOGNITION OF LOCATION. As a continuance of the economic development efforts expended 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 whenever possible. Co'and Corporation, hereby acknowledges receipt of this permit and that they have reviewed the 6ondifions of this permit and have agreed that they will comply with the terms of this permit. Page 26 I I I I ! I I I I I I I I I I I I I I