Agenda - Council - 01/14/2014 - Laserfiche WebLink

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Exhibit G AGREEMENT TO PAY DEFICIENCIES THIS AGREEMENT, made and entered as of this 26th day of June. 2007, by and between the Cite of Ramsey. a Minnesota municipal corporation, having its principal office at 7550 Sunwood Drive NW, Ramsey, Minnesota 55303 (the "Cite") and O'CULLINAN PROPERTIES, LLC, A MINNESOTA LIMITED LIABILITY COMPANY, A MINNESOTA CORPORATION, having its principal office at 7005 Odean Ave NE, Otsego, MN 55330 (the "Developer"); WITNESSETH: WHEREAS, the City and the Developer have entered into an agreement entitled Contract for Private Development dated June 26, 2007 (the "Agreement") regarding development of certain real property situated in the City of Ramsey, legally described as: M LOTS 1 AND 1 A. BLOCK 1, EBONY ADDITION. Anoka County. Minnesota ; (the "Development Property"); and WHEREAS, the City has established Tax Increment Financing District No. 8 pursuant to M.S. § 469.174 through § 469.179, and has established Development District No. 1 pursuant to M.S. § 469.124 through § 469.134, which includes the Development Property; and WHEREAS, the Agreement requires the City to construct certain public improvements and requires the Developer to construct certain improvements (the "Minimum Improvements") thereon, all as more fully described in the Agreement: and WHEREAS, in order to finance the public costs related to construction of the Minimum Improvements on the Development Property, the City has agreed to use its tax increment financing funds or to otherwise fund such costs: and WHEREAS, the Agreement requires the execution of this .Agreement to Pay Deficiencies; and NOW, THEREFORE, in consideration of the mutual covenants and obligations of the City and the Developer, the parties do hereby agree as follows: 1. Except as qualified by Section 3 herein, if for any reason, the Tax Increment generated from the Development Property payable with the real estate taxes due in any calendar year commencing, in 2009 and ending in 2019, is less than the required tax increment (the "Required Increment") as defined in Section 2 herein. the City will notify the Developer of the difference (the "Deficiency"), and will make written demand of the Developer for the payment thereof. The Developer or its successors and assigns, within 30 days after the City gives written notice, shall pay to the City the Deficiency. Payments will be based upon the normal real estate tax payment schedule of biannual payments. 41