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Draft 9/8/94 <br /> <br />10. <br /> <br />11. <br /> <br />12. <br /> <br />13. <br /> <br />The Perr~ittee agrees to enter into an Assessment Agreement, attached hereto as Exhibit <br /> ,[or Lot 1, Block 1, Gateway North Industrial Park Plat 4 in the minimum amount <br />of Five I-t, Iundred Thousand Dollars and no cents ($500,000.00) through the year 2012. <br />The finm!cial assistance from the City shall be based upon the following calculations: <br /> <br />Office sp~gce 2,400 square feet per REC <br />Warehou~;e space 7,000 square feet per unit <br />Total REC <br /> <br />WAC @ ;$1,250 <br />SAC @ $800 <br />SAC Haridling fee @ $150 <br />Total Charges <br /> <br />Sewer trqnk charge @ $2,563 per acre <br />Water Tr0nk charge @ $5,704 per acre <br />Total S{rvice Availability Charges <br /> <br />Site ImProvements <br /> <br />Total A~ssistance <br /> <br />1.46 REC <br />1.36 REC <br /> 2.82 <br /> <br />3,750 <br />2,400 <br /> 450 <br /> <br />5,126.00 <br />11,408.00 <br /> <br />$ 6,600.00 <br /> <br />$ 16,534.00 <br />$ 16,866.00 <br />$ 40,000.00 <br /> <br />FINAN~-!IAL ASSISTANCE ..... PAYMENT. The City shall be responsible to provide <br />payment[of the fmancml assistance hsted m Paragraph 8 at the time a Certificate of <br />OccupanCy is issued for the proposed facility. The Permittee may charge the payments <br />required lat the time of building pern-fit issuance to the pending assistance payment. This <br />amount 6f Six Thousand Six Hundred Dollars ($6,600) will then be deducted from the <br />final assis)ance payment. <br /> <br />REQUII~EMENTS FOR BUILDING PERMIT. No building permit for the Site <br />will be is~sued until the permittee has signed and returned this Development Permit. No <br />Certificate of Occupancy for occupancy of the structure will be issued until the Required <br />Improvements are accepted by the City. <br /> <br />IMPROVEMENT CONSTRUCTION SCHEDULE. The Required Improvements <br />shall be c~ompleted before January 2, 1996. <br /> <br />ESCROW. The City and Permittee herein agree that the standard forms of financial <br />guaranted to insure the installation of the Required Improvements are hereby waived. The <br />Permittee herein a~ees that the tax increment payments from the City to the Permittee <br />describediin Paragraph 8 of this Permit shall serve as financial guarantee that the Required <br />Improvements will be installed in accordance with City specifications and in a timely <br />manner. In the event the Permittee fails to construct and install the Required Improvements <br />as required herein, the City may complete the Required Improvements with City day labor <br />and/or b~ letting contracts for said completion and deduct the cost of same from the <br />payment to the Permittee described in Paragraph 8 and 9 of this Agreement. <br /> <br />RECOGNITION OF LOCATION. As a continfiance of the economic development <br />efforts expended between the City and the Permittee in conjunction with the development of <br />this site, [the Permittee herein agrees to recognize Ramsey as the city of location on all <br />forms of a~dvertising and business correspondence. <br /> <br />Page 25 <br /> <br /> <br />