Agenda - Council - 04/13/2004 - Laserfiche WebLink

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the post marked date of the warning the reports are not made, the Developer agrees to pay to the City a penalty of $100 for each subsequent day until the report is filed up to a maximum of $3,000. (iv) The Developer agrees to continue operations consisting of the Minimum Improvements on the Development Property for at least five (5) years after the Benefit Date. With the exception of financing provided by SBA or the Department of Employment and Economic Development (DEED), there are no other state or local government agencies providing financial assistance for the Project other than the City. (v) There is no parent corporation or other entity of the Developer. (J) Thc Developer shall pay to the City all of its legal and administrative expenses that are incurred by the City in association with the project within 15 days of a written notice by the City indicating the legal and administrative expenses that are currently due and owing in an amount not to exceed $5,000.00. (k) Until the Maturity Date the Developer shall operate the Minimum Improvements as a manufacturing or warehousing, storage and distribution facility. Scction 2.2. By the City. The City makes the following representations as the basis for thc undertaking on its part herein contained: (a) The City is authorized by law to enter into this Agreement and to can'y out its obligations hereunder. (b) The City has found that the TIF District is an "redevelopment tax increment financing district," pursuant to M.S. {} 469.174. (c) 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 the Developer to secure the granting of any pmTnit, license, or other approval required, to allow the construction of the Minimum hnprovements; provided, however, that nothing contained in this subparagraph shall be construed to limit in any way the reasonable and legitimate exercise of the City's discretion in considering any submittal or application. (d) The 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 unutilized and underutilized and for the purpose of promoting economic development and the creation of employment opportunities. (e) The City will cooperate with the Developer with respect to any litigation, other than litigation in which the City and the Developer are adverse parties, commenced with respect to the TIF Plan, Program, or Minimum Improvements.