12-19-2001 Council Agenda - Laserfiche WebLink

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to time by the American Institute of Certificated Public Accountants and must be reviewed in accordance with standards for accounting and review services. Developer must also provide the City on a quarterly basis, with quarterly financial statements and income and expenses statements relatinn to the Redevelopment Property prepared on a cash or tax basis and certified as to accuracy by a responsible financial representative of Developer and current rent rolls for the Redevelopment Property on Developer's standard form. On or before April 15 "' of each year the Developer must provide the City with copies of Developer's federal annual tax return for the previous calendar year. 7. REMEDIATION OF CONTAMINATED SOILS. The soils on the Redevelopment Property are contaminated with Hazardous Substances as described in the Environmental Reports. Developer must prepare a response action plan for the remediation of contaminated soils and must submit the response action plan to the MPCA for review and approval on or before January 15, 2002. In remediating such contamination, Developer must comply with all requirements of the Settlement Agreement. The Authority, the City and the Developer will reasonably cooperate to satisfy the conditions the Settlement Agreement imposes on the Authority's disbursement of the funds it holds pursuant to the terms of the Settlement Agreement. Upon the satisfaction of the conditions set forth in Settlement Agreement and the Developer's delivery to the City of documentation, reasonably acceptable to the City, evidencing the Developer's payment to or obligation to pay third party contractors for work performed to remediate the soils contamination existing on the Redevelopment Property in conformance with a response action plan the MPCA has approved, the City will disburse funds available to it under the terms of the Settlement Agreement either to the Developer, to reimburse the Developer for costs the Developer has incurred, or to third party contractors, to pay amounts the Developer is obliged to pay to the third party contractors, for such work. The City is not obligated to disburse any funds pursuant to the terms of the Settlement Agreement if, at the time Developer requests disbursement, a Event of Default exists (whether or not the City or the Authority has provided notice of the Event of Default pursuant to Section 13 and whether or not the applicable time period for the Developer's cure of the Event of Default has expired). 8. CONSTRUCTION AND OPERATION OF MINIMUM IMPROVEMENTS. 8.1. Construction Plans. The Developer must submit Construction Plans to the City for review on or before March 15, 2002. The Construction Plans must provide for the construction of the Minimum Improvements in conformance with the Redevelopment Plan, this Agreement and all applicable federal, state and local laws, statutes, ordinances and regulations. The City must notify the Developer, within 15 business days of the Developer's submission of complete Construction Plans to the City that the City either approves or rejects the Construction Plans. If the City does not notify the Developer within the 15 business day period that it has approved or rejected the Construction Plans, the City is deemed to have approved the Construction Plans. The City may reject the Construction Plans only if: 1353333vDOC Red (V3 to V2) (a) The Construction Plans are not complete; Page 119