Agenda - Council - 09/22/2015 - Laserfiche WebLink

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distance of 159.77 feet; thence South 78 degrees 01 minutes 47 seconds East a distance of 176.04 feet to a point hereinafter referred to as "Point A": thence South 12 degrees l l minutes 51 seconds East a distance of 164.00 feet and said centerline there terminating. TOGETHER WITH a 20 foot wide permanent easement for drainage and utility purposes over. under and across said East 500 feet of the South 200 feet (as measured along the East and South lines respectively) of the Northeast Quarter of the Southeast Quarter of Section numbered Twenty-seven, Township Thirty -rico North of Range Twenty- five West. The centerline of said easement is described as follows: Beuinnint, at the aforedescribed "Point A"; thence North 87 degrees 23 minutes 53 seconds East a distance of 55.00 feet and said described centerline there terminating. AN D A permanent 24 foot wide easement for ingress and egress purposes over. under and across the East 500 feet of the South 200 feet (as measured alone the East and South lines respectively) of the Northeast Quarter of the Southeast Quarter of Section numbered Twenty-seven. Township Thirty-two North of Range Twenty-five West. The centerline of said easement is described as follows: Conimencin<g at the Northeast Corner of said East 500 feet of the South 200 feet: thence on an assumed bearing of South 00 demes 25 minutes 08 seconds West, along;. the East line of said East 500 feet of the South 200 feet. a distance of 35.00 feet to the point of beginning of the centerline to be described: thence South 89 degrees 58 minutes 11 seconds West a distance of 163.27 feet thence North 45 degrees 47 minutes 57 seconds West a distance of 32.97 feet: thence South 89 degrees 58 minutes 11 seconds West a distance of 277.42 feet and said centerline there terminating. (the `Development Properly"); and WHEREAS, the City has established Tax Increment Financing District No. 10 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: ] . 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 2008 and ending in 2011, 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 49