Agenda - Council - 09/12/1994 - Laserfiche WebLink

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Draft 9/8/94 10. 11. 12. 13. The Pe~mittee agrees to enter into an Assessment Agreement, attached hereto as Exhibit , for Lot 1, Block 1, Gateway North Industrial Park Plat 4 in the minimum amount of Five ~undred Thousand Dollars and no cents ($500,000.00) through the year 2012. The finaricial assistance from the City shall be based upon the following calculations: Office space 2,400 square feet per REC Warehouije space 7,000 square feet per unit Total REC 1.46 REC 1.36 REC 2.82 WAC @ $1,250 SAC @ $800 SAC Han{tling fee @ $150 Total C~arges $ $ $ 3,750 2,400 450 $ 6,600.00 Sewer trufik charge @ $2,563 per acre $ Water Trunk charge @ $5,704 per acre $ Total Service Availability Clmrges 5,126.00 1,408.00 $ 16,534.00 Site Improvements $ 16,866.00 Total Assistance FINANCI~AL ASSISTANCE PAYMENT. The City shall payment c~f the financial assistance listed in Paragraph 8 at Occupanc9 is issued for the proposed facility. The Permittee $ 40,000.00 be responsible to provide the time a Certificate of may charge the payments required at!the time of building permit issuance to the pending assistance payment. This amount of ,Six Thousand Six Hundred Dollars ($6,600) will then be deducted from the final assistance payment, REQUIREMENTS FOR BUILDING PERMIT. No building permit for the Site will be issued until the permittee has signed and returned this Development Permit. No Certificate of Occupancy for occupancy of the structure will be issued until the Required Improvemen. ts are accepted by the City. IMPROVEMENT CONSTRUCTION SCHEDULE. The Required Improvements shall be completed before January 2, 1996. ESCRO'W.~ The City and Permittee herein a~ee that the standard forms of financial guarantee to:insure the installation of the Required Improvements are hereby waived. The Permittee h{rein agrees that the tax increment payments from the City to the Perminee described in iParagraph 8 of this Permit shall serve as financial guarantee that the Required lmprovemerits 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 h~rein, the City may complete the Required Improvements with City day labor and/or by le}ting contracts for said completion and deduct the cost of same from the payment to the Permittee described in Paragraph 8 and 9 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. Page 25