Agenda - Council Work Session - 06/25/2019

Home

ARTICLE II REPRESENTATIONS AND WARRANTIES Section 2.1. Representations and Warranties of the City. The City makes the following representations and warranties: (1) The City is a municipal corporation and has the power to enter into this Agreement and carry out its obligations hereunder. (2) The Tax Increment District is an "economic development district" within the meaning of Minnesota Statutes, Section 469.174, Subdivision 12, and was created, adopted and approved in accordance with the terms of the Tax Increment Act. (3) The development contemplated by this Agreement is in(<formance with the development objectives set forth in the Development Program. CY (4) To finance certain costs within the Tax Increm: y P istrict, the City proposes, subject to the further provisions of this Agreement, to appl Increments to reimburse the Developer for a portion of the costs of the acquisition of elopment Property in connection with the Project as further provided in this Agreement. 0 (5) The City makes no representation r Wanty, either expressed or implied, as to the Development Property or its condition or th conditions thereon, or that the Development Property shall be suitable for the Developer'ses or needs. Section 2.2. Representations arranties of the Developer and Tenant. The Developer and Tenant make the foll. vg . representations and warranties: (1) The Developers e Minnesota limited liability companies and have the power and authority to enter into th eement and to perform their obligations hereunder, and doing so will not violate their ales of organization, member control agreement, operating agreement or the laws of the Stat�n by proper action has authorized the execution and delivery of this Agreement. G0 (2) The Developer shall cause the Project to be constructed in accordance with the terms of this Agreement, the Development Program, and all local, state and federal laws and regulations (including, but not limited to, environmental, zoning, energy conservation, building code and public health laws and regulations). (3) The construction of the Project would not be undertaken by the Developer, and in the opinion of the Developer would not be economically feasible within the reasonably foreseeable future, without the assistance and benefit to the Developer provided for in this Agreement. (4) The Developer will use its best efforts to obtain, or cause to be obtained, in a timely manner, all required permits, licenses and approvals, and will meet, in a timely manner, 4 11750570v4