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12/14/10 Special
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12/14/10 Special
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Meetings
Meeting Document Type
Agenda
Document Title
Housing & Redevelopment Authority - Special
Document Date
12/14/2010
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Construction Plans, the revised Construction Plans shall be deemed approved unless the City <br />notifies Developer that the City rejects the revised Construction Plans in writing within thirty <br />(30) days after submission. If Developer desires to make any change which does not materially <br />modify the scope, size, appearance, value or use of the Minimum Improvements, Developer is <br />not obligated to resubmit the Construction Plans to the City for approval. <br />Section 5.4 Commencement and Completion of Construction of the Minimum <br />Improvements. Developer must commence construction of the Minimum Improvements on or <br />before the Commencement Date. Developer must substantially complete the construction of the <br />Minimum Improvements in accordance with the Final Construction Plans on or before the <br />Completion Date. For purposes of this Agreement, the Minimum Improvements are <br />substantially complete when they are eligible to receive a certificate of occupancy from the City. <br />If Developer's commencement or completion of construction of the Minimum Improvements is <br />delayed as a result of an Unavoidable Delay, Developer gives the City and the HRA notice of the <br />Unavoidable Delay within thirty (30) days after the onset of the Unavoidable Delay and <br />Developer uses all commercially reasonable efforts to commence and complete the construction <br />of the Minimum Improvements as promptly as reasonably possible given the conditions causing <br />the Unavoidable Delay, the Commencement Date and the Completion Date will be extend for a <br />period of time equal to the duration of the condition causing the Unavoidable Delay plus a <br />reasonable time for recovery and restoration following the cessation of such condition. <br />Section 5.5 Certificate of Completion. Developer shall notify the City when <br />Developer has substantially completed construction of the Minimum Improvements. If the City <br />determines that the Minimum Improvements have been constructed in substantial conformity <br />with the Final Construction Plans and all uniformly applied local, state and federal laws and <br />regulations (including, but not limited to, environmental, zoning, energy conservation, building <br />code and public health laws and regulations), the City shall furnish to Developer a Certificate of <br />Completion. Such Certificate of Completion shall be a conclusive determination of satisfaction <br />and termination of Developer's obligation to construct the Minimum Improvements as set forth <br />in Section 5.4. If Developer has completed the Minimum Improvements on or before the <br />Completion Date, as the same may be extended pursuant to Section 5.4, the HRA will expressly <br />acknowledge and agree in the Certificate of Completion that Developer has satisfied the <br />conditions subsequent described in the Right of Reverter and that the Right of Reverter is <br />terminated and is of no further force or effect. <br />ARTICLE VI <br />ESTABLISHMENT OF THE TAX INCREMENT DISTRICT <br />Section 6.1 Establishment of the Tax Increment District. The City proposes to create, <br />approve and adopt a tax increment plan and a tax increment financing district that includes the <br />Development Property and that qualifies as a redevelopment district under the Tax Increment <br />Act. The City is not obligated to create, approve and adopt the Tax Increment Plan the Tax <br />Increment District and creation of the Tax Increment District is subject to all requirements of <br />Minnesota law. <br />9 <br />2695614v7 <br />12/07/10 <br />
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