11-13-2002 Council Agenda - Laserfiche WebLink

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(d) The GityEDA Council has made the findings Minn. Stat. §469.175, Subd. 3, requires for the Tax Increment District and has set forth in writing the reasons and supporting facts for each determination. (e) The City CouncilEDA has approved this Agreement and the Purchase Agreement and has authorized thefts MayerPresident and AdministratorSecretary to execute and deliver this Agreement, the Purchase Agreement, the Tax Increment Note and any other documents or instruments the GityEDA is required to execute and deliver pursuant to this Agreement. (f) Neither the GityEDA's execution and delivery of this Agreement or the Purchase Agreement, the consummation of the transactions this Agreement and the Purchase Agreement contemplate nor the CityEDA's fulfillment of and compliance with the terms and conditions of this Agreement and the Purchase Agreement is prevented or limited by or conflicts with or results in a breach of the terms, conditions or provisions of any evidence of indebtedness, agreement or instrument of whatever nature to which the GityEDA is now a party or by which the GityEDA is bound, or constitutes a default under any of the foregoing. (g) The GityEDA does not have actual notice of any legal proceedings pending or threatened against the City or the EDA that relate to the Development Property or the Project except that the EDA has acquired title to a portion of the Development Property through the exercise of the power of eminent domain and the eminent domain proceedings are still pending with respect to the determination of damages. `hn heTlte EDA rec€i-ves -anhas provided Developer with a copy of the Order of the Ramsey County District Court transferring title to and possession of the property subject to the eminent domain proceedings to the EDA, the City will provid_ _ • _ _ _ - - with a copy of that Order. 4.2. Representations of the Developer. The Developer makes the following representations to the GityEDA: 1428086vdoe Rod (V8 to V7) (a) Developer is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Minnesota. (b) Developer has the power and authority to execute this Agreement and the Purchase Agreement and to perform each of its obligations under this Agreement and the Purchase Agreement. (c) Developer has taken all actions necessary to authorize George E. Sherman to execute and deliver this Agreement and the Purchase Agreement and to authorize the Developer's performance of its obligations under this Agreement and the Purchase Agreement. (d) George E. Sherman's execution of this Agreement and the Purchase Agreement, in his capacity as President of Developer, and delivery of this Agreement and the Purchase Agreement to the CityEDA constitute the due -6-