Agenda - Council - 09/12/1995 - Laserfiche WebLink

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TAX INCREMENT FINANCING. Upon receipt of a Certificate of Occupancy for the structure, the City agrees to provide the Permim'e 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 Capitalized Interest @ 2 1/2 years @ 10.5% $ 182,000.00 $ 77,200.00 $ 70,114.00 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 ff all property taxes, City fees and charges on the property are current. 10. REQUIREMENTS FOR BUILDING PERMIT. No building permit for the Site will be issued until the permit-tee 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 August 31, 1996. 12. 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 Perrnittee 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 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 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. RECOGNITION OF LOCATION. As a continuance of the economic development efforts expended between the City and the Pennittee 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 reasonably prudent to do so. The monument sign at the entrance to the facility shall identify the City of Ramsey as the Company location if any City is indicated. Command Corporation, hereby acknowledges receipt of this permit and that it has reviewed the conditions of this permit and has agreed that it will comply with the terms of this permit. I I I I I I i I I I I I I I I i I