04-12-2006 Council Agenda - Laserfiche WebLink

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A. Recording of plat for all of the development property as approved by City on September 27, 2000. B. Execution and recording of Assessment Agreement for Phase II Development as required by Article VI, Section 6.1 of the Amended Development Agreement. C. Completion of the Jobs Act report required by Section 11.9 of the original Development Agreement. 5. It is further understood and agreed that notwithstanding anything else to the contrary contained in this Agreement, that: A. Subject to subparagraph B of this paragraph 5, the Assessment Agreements for Phases I and 11 shall remain in full force and effect as dictated by their individual terms and conditions; and B. In the event of an insured loss of all or part of the Development Property, and either the Developer and /or the holder of the Mortgage fails to use the Net Proceeds of the insurance to repair, rebuild and restore the Development Property, the Developer agrees to pay to the City, on demand, the total amount then outstanding on the City's bond obligations (City of Little Canada $790,000.00 General Obligation Tax Bonds Series 1999B) associated with the acquisition of all parcels making up the entire Development Property through the Termination Date of the Development Agreement (as such terms are defined in the Development Agreement), less the amount then remaining on deposit with the City (together with interest thereon and after payment of all Tax Increment Deficiency) from the payment made by the Developer pursuant to paragraph 1 of this Agreement Upon such payment by the Developer, the Assessment Agreements for Phases I and II shall be terminated by the City. IN WITNESS WHEREOF, the City has caused this Agreement to be duly executed in its name and on its behalf, and the Developer has caused this Agreement to be duly executed in its name and on its behalf, on or as of the date first written above. THE REST OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK