Laserfiche WebLink
time deadline becomes aware of the occurrence or onset of a condition or a combination <br />of conditions that a reasonable person would conclude at the time would cause an <br />Unavoidable Delay, the deadline shall be extended by the number of days equal to the <br />duration of the facts or circumstances causing the Unavoidable Delay. <br />2.50. "U.S. Bank Site" means the real property legally described on Exhibit K. <br />3. RECITALS. <br />3.1. Recital One. The City has created the Redevelopment District pursuant to <br />Minnesota Statutes 469.001 to 469.047; <br />3.2. Recital Two. The City and the EDA have created the Tax Increment <br />District within the Redevelopment District and adopted the Tax Increment Plan pursuant <br />to the provision of the Tax Increment Act; <br />3.3. Recital Three. To achieve the objectives of the Redevelopment Plan and <br />the Tax Increment Financing Plan and, particularly, to make the Development Property <br />available for private enterprise to develop in conformance with the Redevelopment Plan <br />and the Tax Increment Financing Plan, the EDA has determined to convey the <br />Development Property to the Developer to cause development in accordance with this <br />Agreement; and <br />3.4. Recital Four. The EDA believes the Project is vital, is in the best interest <br />of the City and the health, safety, morals, and welfare of its residents, and is in <br />accordance with the provisions and public purpose of the applicable state and local laws <br />and requirements under which the Project has been undertaken and will be assisted. <br />4. REPRESENTATIONS AND OPINION OF DEVELOPER'S COUNSEL. <br />4.1. Representations of the EDA. The EDA makes the following <br />representations to the Developer: <br />(a) The EDA is a body corporate and politic established pursuant to Minn. <br />Stat. §§ 469.090 to 469.1082. The EDA has the power to enter into this Agreement and <br />to carry out its obligations under this Agreement. <br />(b) The City and the EDA established the Tax Increment District in <br />accordance with the terms of the Tax Increment Act. <br />(c) The Project is in conformance with the development objectives set forth in <br />the Redevelopment Plan and the Tax Increment Financing Plan. <br />(d) The City Council has made the findings Minn. Stat. §469.175, Subd. 3, <br />requires for the Tax Increment District and has set forth in writing the reasons and <br />supporting facts for each determination. <br />-6- <br />