Agenda - Council - 06/27/2006 - Laserfiche WebLink

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(g) The Development Property is properly zoned for the developer's intended use and the Minimum Improvements contemplated by the Construction Plans are in conformity with the Program and TIF Plan. The City has received no notice or commurfication 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 enviroumental 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, wkich 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. The City will provide $I00,000.00 of Financial Assistance to the Developer determined as follows: Value of the Development Property and and the Public Improvements $184,000 Business Subsidy (the "Financial Assistance") ($100,000) Total Cash Due from Developer at Closing $84,000 On the Closing Date, Developer agrees to pay to the City the difference between the value of the Development Property plus the Public Improvements less the Financial Assistance. Section 2.3..Ti. tie. City, at its expense, shall promptly obtain and deliver to Developer a Commitment for an owner's title insurance policy (ALTA Owner's Form Policy I992) naming Developer 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, fights 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, lnc., and The Commissioner of the Minnesota Pollution Control Agency pursuant-to Minn. Stat. 115B.39-115B.46; and Co) Declaration of Restrictions and Covenants made Ocober 15, 1997 by Waste Management of Minnesota, Inc. and recorded in Abstract March 11, 1998 as Document 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 Property, 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 vdthout the written approval of the Commissioner and the Minnesota Department of Health. Developer will be allowed ten (10) business days after receipt of the Title Commitment for examination thereof, and for malting any objections to the marketability of the title to the Development Property, said objections to be made by written notice or to be deemed waived. Developer need not object to mortgages or other monetary liens. If any objections are so made to the marketability of the title to the Development Property, City shall immediately commence and diligently endeavor to complete al! actions necessary to cure the objections, and shall be