02-13-2019 Council Packet - Laserfiche WebLink

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11 Section 11.10. Conflicts of Interest. No member of the governing body or other official of the City shall have any financial interest, direct or indirect, in this Agreement, the Premises, or any contract, agreement or other transaction contemplated to occur or be undertaken hereunder or with respect thereto, nor shall any such member of the governing body or other official participate in any decision relating to the Agreement which affects his or her personal interests or the interests of any corporation, partnership or association in which he or she is directly or indirectly interested. No member, official or employee of the City shall be personally liable to the City in the event of any default or breach by the Property Owner or successor or on any obligations under the terms of this Agreement. Section 11.11. Required Notices to the City. AFSA shall submit required notices to the City in writing and shall either be hand delivered or mailed by certified mail in care of the City Administrator to the following address: City of Little Canada 515 Little Canada Road East, Little Canada, Minnesota 55117 Section 11.12. Required Notices to AFSA. Required notices to AFSA shall be in writing and shall either be hand delivered or mailed by certified mail to the following address: AFSA Building Company 100 Vadnais Blvd. Vadnais Heights, MN 55127 ARTICLE XII Payment in Lieu of Taxes Section 12.1. Under Ordinance 833, AFSA is obligated to enter an agreement with the City to provide for a payment in lieu of taxes in recognition of the financial impact tax exempt status of the Exhibit A Property would have on the City. This Agreement, and specifically this Article, are intended to satisfy that obligation. There shall, as against the City, be no third party beneficiaries to the terms of this Article XII. The City does not intend that any party other than the property owner shall have, as alleged third party beneficiary or otherwise, any rights or interests hereunder as against the City, and no such other party shall have standing to complain of the City’s exercise of, or alleged failure to exercise, its rights and obligations, or of the City’s performance or alleged lack thereof, under this Agreement. Section 12.2. PILOT Payment. In tax years in which the Exhibit A Property is tax- exempt, and no ad valorem taxes are paid, AFSA agrees to pay to the City a PILOT payment calculated by the formula contained in Exhibit C. Section 12.3. Payment Dates. Payments shall be made on May 1 and October 1 (one- half of the years PILOT payment on each date) in years in which the Exhibit A Property is tax- exempt and no ad valorem taxes are collected. Late payments shall accrue interest at the rate set