Agenda - Council - 11/13/2007 - Laserfiche WebLink

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(iv) The Developer agrees to continue operations ..consisting of the Minimum Improvements on the .Development Property -for. at least fve (5) years after the Benefit Date. With the exception of financing provided by SBA or the Department of Employment and Economic Development (DEED), there are no other state or local government agencies providing financial assistance for the Project. other than the City. (v) Tliere is no parent corporation or other entity of the Developer. (j) The Developer shall pay to the City all of its legal and administrative expenses that are incurred by the City in association with the project within 15 days of a written notice by the City indicating the legal and administrative expenses that are currently due and owing in an amount not to exceed $5,000.00. (k) Until the Maturity Date the Developer shall operate the Minimum Improvements as a manufacturing or warehousing, storage and distribution facility. Section 2.2. By the City. The City makes the following representations as the basis for the undertaking on its part herein contained: (a) The City is authorized by law to enter into this Agreement and to carry out its obligations hereunder. (b) The City has found that the TIF District is an "economic development tax increment financing district," pursuant to M.S. § 469.174. (c) The City will, in a timely manner, subject to all notification requirements, review and act .upon. all submittals and applications of the- Developer, and will cooperate with the efforts of the Developer to secure the granting of any permit, license, or other approval required, to allow the construction of the Minimum Improvements; provided; however, that nothing contained in this subparagraph shall be construed to limit in any way the reasonable and legitimate exercise of the City's discretion in considering any submittal or application. (d) The- activities of the City are undertaken for the purpose of fostering .the redevelopment of certain- real property which, for a variety of reasons, is presently unutilized and underutilized and for the purpose of promoting economic development and the creation of employment opportunities. (e) The City will cooperate with the Developer with respect to any litigation, other than litigation in which the City .and the Developer are adverse parties, commenced with .respect to the TIF Plan, Program, or Minimum Improvements. (f) The Development Property is properly zoned for the developer's intended use and the Minimum Tinprovements contemplated by the Construction Plans are in conformity with the Program aizd TIF Plan. -220-