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

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(g} 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 $300,000.00 of Financial. Assistance to the Developer determined as follows: Value of the Development Property and and the Public linprovements $450,000 Business Subsidy (the "Financial. Assistance") ($300 000 Total Cash Due from Developer at Closing $150,000 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. Title.. City, at its expense, shall promptly obtain and deliver to Developer a Commitment for an owner's title insurance policy (ALTA Owner's Forma Policy 1992) naming Developer as the proposed owner/insured of. the Development Property (the. "Title Commitment"). The Title Commitment shall commit to insure fee title in 1Developer~ 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 Mi-nnesota Pollution Control Agency pursuant to Minn. Stat. 115B.39- 11 SB.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 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 Properly without 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 making 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 all actions necessary to cure the objections, and shall be allowed until the Closing Date to cure such objections and snake 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 the Development 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, Developer, at its option, may -221-