07-23-2003 Council Agenda - Laserfiche WebLink

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of at least the amount set forth on Exhibit B -1 for that Parcel. The Developer agrees to permit designated representatives of the EDA to enter upon the Development Property during construction of the Minimum Improvements to confirm the Developer's construction of the Minimum Improvements conforms to the Construction Plans. The EDA represents to the Developer that the Developer is entitled to obtain a Certificate of Occupancy from the City without the Developer's completion of all of the following: (i) tenant improvements and (ii) required landscaping, if the Developer provides the City with a bond or other guaranty, satisfactory to the City, ensuring the Developer's subsequent completion of all required landscaping. In addition to the foregoing, the Developer must complete [fifty percent (50 %)] of the Minimum Improvements for Parcel 1 by December 31, 2004. The Developer will be deemed to have completed fifty percent (50 %) of the Minimum Improvements for Parcel 1 if draw requests for at least fifty percent (50 %) of the total hard construction costs of the Minimum Improvements for Parcel 1 have been submitted to the disbursing agent for Parcel 1 and such disbursing agent has paid such costs or has funds available to pay them. 6.4. Modification of the Construction Plans. If the Developer desires to make any material change to the Construction Plans for a Parcel after the EDA has approved them, the Developer must submit the proposed change to the EDA for its review and approval, and the EDA must approve the proposed change unless the EDA reasonably determines that, as a result of the proposed change, one or more of the requirements set forth in Section 6.1(a) through 6.1(e) are not satisfied. If the EDA rejects the proposed change the EDA must notify the Developer of the EDA's rejection of the proposed change within ten Business Days of the EDA's receipt of the proposed change or the EDA is deemed to have approved the proposed change. For purposes of this Section 6.4, a change to the Constniction Plans is deemed material if, as a result of the change or any series of related changes, the cost of constructing the Minimum Improvements for that Parcel is increased or decreased by ten percent or more or the minimum market value of the Parcel upon completion of the Minimum Improvements would be less than the minimum market value set forth for that Parcel on Exhibit B -1. 6.5. Conveyance Subject to Right of Re- entry. The EDA's conveyance of each Parcel of the Development Property to the Developer pursuant to the applicable Purchase Agreement will be made subject to a right of re -entry for breach of a condition subsequent in favor of the EDA. The condition subsequent is Developer's substantial completion of construction of the Minimum Improvements for that Parcel in conformance with the Construction Schedule, subject to Unavoidable Delay. If Developer breaches the condition subsequent, the EDA may elect to exercise its right of re -entry as to that Parcel by commencing an action in Ramsey County District Court to establish the breach of the condition subsequent. Upon the EDA's exercise of its right of re- entry, title to and the right to possession of that Parcel and title to all improvements located thereon reverts to the EDA, and the Developer is not entitled to any compensation from the EDA or the City for the value of any improvements the Developer has made to that Parcel. Upon reversion of title to the EDA, the Developer's obligations hereunder, including Section 8.2 and the related Guaranty, with respect to the applicable Parcel will be null and void. Notwithstanding the foregoing, the EDA agrees that so long as there is