07-23-2003 Council Agenda - Laserfiche WebLink

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1450998v8 the deadline shall be extended for a number of days equal to the lesser of the duration of the facts or circumstances causing the Unavoidable Delay or 180 days. 3. RECITALS. 3.1. Recital One. The City has created the Redevelopment District pursuant to Minnesota Statutes 469.001 to 469.047; 3.2. Recital Two. The City and 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; 3.3. Recital Three. To achieve the objectives of the Redevelopment Plan and the Tax Increment Financing Plan and, particularly, to make the Rutzik/Cardinal /Venetian Property available for private enterprise to develop in conformance with the Redevelopment Plan and the Tax Increment Financing Plan, the EDA has determined to convey the Rutzik/Cardinal /Venetian Property to the Developer to cause development in accordance with this Agreement; and 3.4. Recital Four. The EDA believes the Project is vital, is in the best interest of the City 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. Representations of the EDA. The EDA makes the following representations to the Developer: (a) The EDA is a body corporate and politic established pursuant to Minn. Stat. §§ 469.090 to 469.1082. The EDA has the power to enter into this Agreement and to carry 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. (d) The City 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 EDA has approved this Agreement and the Purchase Agreement and has authorized its President and Secretary to execute and deliver this Agreement and the Purchase Agreement and any other documents or instruments the EDA is required to execute and deliver pursuant to this Agreement or the Purchase Agreement. 7