11-13-2002 Council Agenda - Laserfiche WebLink

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Developer on ,November 13, 2002 after a public hearing as required by Minnesota Statutes Section 469.029, Subd. 2, 33. 3.4. Recital Four. Recital Three. The Developer has represented to the CityEDA, in Section 4.2(h) that the Developer has inedwill require its contractor to obtain a performance Dondbond in favor of its-Lender, , to provide the Lender with security for the Developer! and the holder of the First Mortgage on the Development Pronerty. Glaser Financial Group, Inc., to secure the contractor's performance of its obligation to construct the Minimum Improvements. The CityEDA has not required the Developer to name the CityEDA as a co- obligee on the - - - • . - - _ :: e • . - - •- C— ityperformance bond. The C+tyEDA has determined that the right reserved herein to suspend payments under the Tax Increment Note if the Developer fails to perform its obligation to construct the Minimum Improvements is sufficient security to insure the Developer's performance of such obligation. 3.4. 3.5. Recital Five. Recital Four. The City hasand the EDA have created the Tax Increment District within the Redevelopment District and adopted the Tax Increment Plan pursuant to the provision of the Tax Increment Act; 3.5. 3.6. Recital Six. Recital Five. To achieve the objectives of the Redevelopment Plan and the Tax Increment Financing Plan and, particularly, to make the Development Property available for private enterprise to develop in conformance with the Redevelopment Plan and the Tax Increment Financing Plan, the CityEDA has determined to convey the Development Property to the Developer to cause development in accordance with this Agreement; and 3.6. . . ' _. . _ - -•. Recital Six. The CityEDA believes the Project is vital, is in the best interest of the Gi-tyEDA and the health, safety, morals, and welfare of its residents, and is in accordance with the provisions and public purpose of the applicable state and local laws and requirements under which the Project has been undertaken and will be assisted. 4. REPRESENTATIONS AND OPINION OF DEVELOPER'S COUNSEL. 4.1. Representation of the Git}LEDA. The CityEDA makes the following representations to the Developer: 1428086vdoe Red (V8 to V7) (a) The CityEDA is a bod co r s orate and s olitic or • anized under Minnesota municipal corporation. Statutes, Chapter 469. The CityEDA has the power to enter into this Agreement and to catty out its obligations under this Agreement. (b) The City and the EDA established the Tax Increment District in accordance with the terms of the Tax Increment Act. (c) The Project is in conformance with the development objectives set forth in the Redevelopment Plan and the Tax Increment Financing Plan. -5-