Agenda - Council - 05/25/2004 - Laserfiche WebLink

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ARTICLE II REPRESENTATION AND UNDERTAKINGS Section 2.1. By the Developer. The Developer makes the following representations and undertakings: (a) The Developer has the legal authority and power to enter into this Agreement and is duly organized and existing Minnesota Corporation under the laws of the State of Minnesota. (b) The Developer will construct the Minimum Improvements in accordance with the terms of this Agreement, the Program, the TIF Plan, and all local, state and federal laws and regulations. (c) Upon completion of the Minimum Improvements, the Developer shall operate and lnaintain, or cause to be operated and maintained, the Minimum Improvements until the Maturity Date. (d) That Minimum Improvements will be permitted uses under City ordinance, and will be constructed in conformity with the Program and TIF Plan, and will be constructed by the Developer together with land at a Minimum Market Value of at least One Million Four Hundred Forty Thousand Dollars and 00/100's ($1,440,000). (c) The Developer has received no notice or communication from any local, state or federal official that the activities of the Developer or the City in the Development District may be, or will be, in violation of any environmental law or regulation (other than those notices or communications of which the City is aware). The Developer is aware of no facts, the existence of, which would cause it to be in violation of or give any person a valid claim under any local, state or federal Cl]vironmental law, regulation or review procedure. Subject to Unavoidable Delays, the Developer will obtain, in a timely manner, all required permits, licenses and approvals, and will meet, in a timely manner, all requirements of all applicable local, state and federal laws and regulations which inust be obtained or met before the Minimum Improvements may be lawfully constructed. (g) Neither the execution and delivery of this Agreement, the consummation of the transactions contemplated hereby, nor the fulfillment of, or compliance with, the terms and conditions of this Agreement, is prevented, limited by, or conflicts with, or results in a breach of the terms, conditions, or provisions of any partnership restriction or any evidences of indebtedness, agreement or instrument of whatever nature to which the Developer is now a party or by which the Developer is bound, or constitutes a default under any of the foregoing. (h) '['he Developer will cooperate with the City with respect to any litigation, other than litigation in which the City and the Developer arc adverse parties, commenced with respect to the TIF Plan, the Program, or Minimum Improvements. (i) Ilusincss Subsidics Act.