08-13-2003 Council Agenda - Laserfiche WebLink

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ARTICLE II REIMBURSEMENT OF PROJECT COSTS Section 2.1 Representations and Warranties of the City. The City makes the following representations and warranties: (1) The City is a municipal corporation and political subdivision organized under the provisions of the Constitution, and laws of the State and has the power to enter into this Agreement and carryout its obligations hereunder. (2) The Tax Increment District is a "renewal and renovation district" within the meaning of Minnesota Statutes, Section 469.174, Subdivision 10a, and was created, adopted and approved in accordance with the tenns of the Tax Increment Act. (3) The development contemplated by this Agreement is in conformance with the development objectives set forth in the Development Program and Tax Increment Financing Plan. (4) The City makes no representation or warranty, either express or implied, as to the Development Property or its condition or the soil conditions thereon, or that the Development Property shall be suitable for the Developer's purposes or needs. (5) To finance certain costs within the Tax Increment District, the City proposes, subject to the further provisions of this Agreement, to apply Tax Increments to reimburse the City for the costs of the Site Improvements and Legal and Administrative Expenses in connection with the Project funded by the Interfund Loan as further provided in this Agreement. Section 2.2 Representations and Warranties of the Developer. The Developer makes the following representations and warranties: (1) The Developer is a Minnesota corporation and has power to enter into this Agreement and to perform its obligations hereunder and, to its knowledge, is not in violation of any provisions of the laws of the State; and (2) The Developer will cause the Minimum Improvements to be constructed, operated and maintained in accordance with the terms of this Agreement, the Development Program and all local, state and federal laws and regulations (including, but not limited to, environmental, zoning, energy conservation, building code and public health laws and regulations). (3) The Developer will use its best efforts to obtain, or cause to be obtained, in a timely manner, all required permits, licenses and approvals and will meet, in a timely manner, all requirements of all applicable local, state, and federal laws and regulations which must be obtained or met before the Minimum Improvements may be lawfully constructed. 1549292v2