Agenda - Council - 11/28/1995 - Laserfiche WebLink

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I I I I I I I I I I I I I I I I I I I Draft 11/24/95 Section 2.2 ~ By the Ci_w. The City makes the following representations as the basis for the undertaking on its part herein contained: (a) The City is authorized by law to enter into this Agreement and to carry out its obligations hereund:er, (b) ThelCity has found that the TIF District is a "redevelopment tax increment financing district," pursuant to Minnesota Statutes, Section 469.174. (c) TheiCity will, in a timely manner, subject to all notification requirements, review and act upon all sul~mittals and applications of the Developer, and will cooperate with the efforts of the Developer to sgCure the granting of any permit, license, or other approval required to allow the construction of th,~ Minimum Improvements; provided, however, that nothing contained in this subparagraph shall~ be c0nstmed to limit in any way the reasonable and legitimate exemise of the City's discretion in !considering any submittal or application; (d) Th~ activities of the City are undertaken for the purpose of fostering the redevelopment of Certain real property which, for a variety of reasons, is presently underutilized and for the purpose of promoting economic development and the creation of employment opportunities. (f) Th~ City will cooperate with the Developer with respect to any litigation, other than litigation in which ~e City and the Developer are adverse parties, commenced with respect to the TIF Plan, Prograrrg or Minimum Improvements. (g) ThO propos~xt property is properly zoned for the developer's intended use and the Minimum Improvements contemplated by the construction Plans are in conformity with the Program and TIF Plan. (h) Tha City has received no notice or communication from any local, state or federal official 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 i.s aware). The City is aware of no facts, the existence of, which would cause it to be in violation df or give any person a valid claim under any local, state or federal environmental law, regulation or review procedure. (i) Th~ City will provide the following financial assistance to the Developer of the Property. This ~sistance will be .a total of Ninety-nine Thousand Dollars ($99,000.00). The financial assistancb from the City shall be based upon the following calculations: Site Acqui~;ifion and Infrastructure $ 79,000.00 Site Impro~e.m¢n~ $ 20,000.00 Total $ 99,000.00 In exchange for the above participation, the City will place a special assessment against the property in the ambunt of $70,000 over ten years at 8.25%. This assessment would be levied in 1996 with the first payment in May, 1997. In additioO to the above, the City is proposing' to participate in the financing of a submersible wire ,~EDM machine, utilizing its equipment loan fund. Prior to doing so, however, the City requires isatisfaction of the Fi~s. t National Palletizing and SAWNA CAD leases. This participation is proposed to be in the form of equity for the EDM machine not to exceed 25% of a $250,000 purchase. This participation will be available the later of October 30, 1996 or three months after the Certificate of Occupancy is issued for the new facility. Page 6