Agenda - Council - 05/14/1991 - Laserfiche WebLink

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DEVELOPMENT AGREEMENT- CHESTNUT HILLS Development District and TIF District; the term also includes any bonds or obligations issued to refund any TIF Bonds. (v) Tax Increment Financing Act (TIF Act): Minnesota Statutes, Section 469.174 through 469.179 as amended. (w) Tax Increment Financing District (TIF District): TIF District No. 5 created by the City pursuant to Minnesota Statutes, Sections 469.174 through 469.179 and described in the Plan adopted therefor. (x) Tax Increment Financing Plan (Plan): The plan for development of the TIF District adopted by the City pursuant to Minnesota Statutes, Sections 469.174 through 46B.179. REPRESENTATIONS AND WARRANTIES 2. ~Representations by the City. The City makes the following representations as the bas}s for the undertakings on its part herein contained: (a) The City is authorized by law to enter into this Agreement and to carry out its obligations hereunder; (b) The City will, in a timely manner, subject to all notification requirements, review and act upon all submittals and applications of the Developer and will cooperate with the efforts of Developer to secure the granting of any permit, license, or other approval related to development of the Subject Property; provided, however, that nothing contained in this subparagraph 2(b) shall be construed to limit in any way the reasonable and legitimate exercise of the City's discretion in considering any submittal or application; and (c) The City proposes to finance construction of the Public Improvements initially through Improvement Bonds secured in part by special assessments against lots in the PlaT. The City also proposes to authorize and issue the Note, under which the City will reimburse Developer for a portion of special assessments to the extent of Available Tax Increment as defined in the Note. (d) The City has found that the TtF District is an economic development tax increment financing district within the meaning of Minn. Stat. §469.174, and that it was created and approved on April 24, 1990, in accordance with the terms of the TIF Act. (e) All of the City's obligations under this agreement are contingent upon approval of the final Plat. I I I I I I I I I I I