Agenda - Council - 05/23/1995 - Laserfiche WebLink

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11 12 TAX INCREMENT FINANCING. Upon receipt of a Certificate of Occupancy for the structure, the City agrees to provide the Permit-tee with financial assistance in the amount of One Hundred Thirty Thousand Dollars and no cents ($130,000.00) towards site improvements. The f'mancial assistance from the City shall be based upon the following calculations: Site Improvements $ 80,000.00 Interest Rate 10% Term of Note 10 years Annual Site Improvements payments @ $13, 000 per year $ 130,000.00 The first payment becoming due on November 1, 1995, and each year thereafter until the year 2004. These payments will be made only if all property taxes, City fees and charges on the property are current and a Certificate of Occupancy has been issued for the structure and the developer has provided evidence of the expenditure of the Eighty Thousand Dollars and no cents ($80,000.00) in site improvements. 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 annual payments shall be made on November I, 1995, 1996, 1997, 1998, 1999, 2000, 2001, 2002, 2003, and 2004. 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, all plan check fees, state surcharges, permit fees and sewer and water 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 completed before September 1, 1995. 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 Permittee described in Paragraph 8 of this Permit shall serve as f'mancial guarantee that the Required Improvements will be installed in accordance with City specifications and in a timely manner. In the event the Perrnittee fails to construct and install the Required Improvements as required herein, the City may complete the Required Improvements with City day labor md/or by letting contracts for sa_id completion and deduct the cost of same from the payments to the Perrnittee described in Paragraph 9 of this Agreement~ RECOGNITION OF LOCATION. As a continuance of the economic development efforts expended between the City and the Perrnittee 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. I I I I I I: I I I I ! I I, I I I I I I