12-19-2001 Council Agenda - Laserfiche WebLink

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3. RECITALS. 3.1 Recital One. The Authority has created the Redevelopment Project Area and adopted the Redevelopment Plan pursuant to Minnesota Statutes § §469.124- 469.134; 3.2 Recital Two. The Authority has created the Tax Increment District within the Redevelopment Project Area and adopted the Tax Increment Financing Plan pursuant to the provision of the Tax Increment Act; 3.3 Recital Three. Major objectives of the Redevelopment Plan and Tax Increment Financing Plan are to prevent the deterioration of land and buildings located within the Redevelopment Project Area and to cause the redevelopment of property located within the Redevelopment Project Area in cooperation with private enterprise, 3.4 Recital Four. To achieve the objectives of the Redevelopment Plan and, particularly, to make the Redevelopment Property available for private enterprise to develop in conformance with the Redevelopment Plan, the Authority has determined to convey the Redevelopment Property to the Developer pursuant to this Agreement; and 3.5 Recital Five. The Authority and the City believe the development of the Redevelopment Property, as more fully set forth in and pursuant to the terms of this Agreement, is vital to and 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 federal, State and local laws and requirements under which the development of the Redevelopment Property has been undertaken and will be assisted. 4. REPRESENTATIONS AND WARRANTIES. 4.1 Representation and Warranties of the City and the Authority. The City and Authority make the following representations and warranties to the Developer: 1353333vDOC Red (V3 to V2) (a) The City is a Minnesota municipal corporation. The Authority is a body corporate and politic, organized under the laws of the state of Minnesota. The City has the power to enter into the City Agreements and to perform the City's obligations under the City Agreements. The Authority has the authority to enter into the Authority Agreements and to carry out the Authority's obligations under the Authority Agreements. (b) Except for any member of the governing body that abstains from voting on this Agreement and all other matters concerning the development of the Redevelopment Property, the Redevelopment Property and the Minimum Improvements, no member of the City Council or goveming body of the Authority has any financial interest, direct or indirect, in this Agreement, the Redevelopment Property or the Minimum Improvements, or any contract, agreement or other transaction contemplated to occur or be undertaken thereunder or with respect thereto. Page 113