Agenda - Council - 08/09/2005 - Laserfiche WebLink

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(5) The City 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 Developer is aware). The City 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 environmental law, regulation or review procedure. (h) The City will provide $125,000.00 of Financial Assistance to the Developer determined as follows: Value of the Development Property and and the Public Improvements Business Subsidy (the "Financial Assistance") Total Cash Due from Developer at Closing $244,468 ($125,000) $53,761 On the Closing Date, Developer agrees to pay to the City the difference between the value of the Development Property and the Public Improvements and the Financial Assistance which amount is $119,468. Section 2.3. Title. City, at City's expense, shall promptly obtain and deliver to Developer a Commitment for an owner's title insurance policy (ALTA Owner's Form Policy 1992) naming l)evelopcr as the proposed owner/insured of the Development Property (the "Title Commitment"). The Title Commitment shall commit to insure fee title in Developer, free and clear of all mechanic's lien claims, unrecorded interests, rights of parties in possession, or other exceptions and subject to: (a) Covenants, conditions, easements and restrictions of record, particularly, as created by the Landfill Cleanup Agreement between Waste Management of Minnesota, Inc., and The Commissioner of the Minnesota Pollution Control Agency pursuant to Minn. Stat. 115B.39-115B.46; and (b) Declaration of Restrictions and Covenants made October 15, 1997 by Waste Management of Minnesota, Inc. and recorded in Abstract March 11, 1998 as l)ocumcnt No. 1326784 and as registered in Torrens as Document 308555, which Declaration provides in pertinent part that the Minnesota Pollution Control Agency shall have access to the l'roperty, the Developer shall cooperate with clean-up efforts, and that no new or additional drinking water wells shall be installed in or on the Property without the written approval of the (:ommissioner and the Minnesota Department of Health. l)evcloper will be allowed ten (10) business days after receipt of the Title Commitment for examination thereof, and for making any objections to the marketability of the title to the I)evclopment Property, said objections to be made by written notice or to be deemed waived. l)evcloper need not object to mortgages or other monetary liens. If any objections are so made to thc marketability of the title to the Development Property, City shall immediately commence and diligently endeavor to complete all actions necessary to cure the objections, and shall be allowed until the Closing Date to cure such objections and make the title to the Development Property good and marketable of record in City and to obtain and deliver to Developer appropriate endorsements to the Title Commitment. If not sooner satisfied, City shall satisfy any mortgages or other monetary liens against the Development Property at the closing. If the title to thc Devclopment Property, as evidenced by the Title Commitment together with any updating of the Title Commitment, is not made good and marketable of record in City on the Closing Date, I)cvelopcr, at its option, may terminate this Agreement by giving written notice to City in which