08-22-2001 Council Agenda - Laserfiche WebLink

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Minimum Improvements, litigation commenced by third parties which, by injunction or other similar judicial action or by the exercise of reasonable discretion, directly results in delays, or acts of any federal, state or local governmental unit (other than the City) which directly result in delays or any other act or event (which does not include adverse market conditions) the risk of which was not expressly assumed by the Developer in a contract with the party who was responsible for the delay. With respect to any deadline set forth herein that is expressly made subject to Unavoidable Delay, if the party subject to the time deadline gives notice of an Unavoidable Delay within five business days of the occurrence or onset of the condition constituting the Unavoidable Delay, 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 Development District and adopted the Development Program pursuant to Minnesota Statutes 469.124- 469.134; 3.2 Recital Two. The City has created the Tax Increment District within the Development District and adopted the Tax Increment Plan pursuant to the provision of the Tax Increment Act; 3.3 Recital Three. A major objective of the Development Program and Tax Increment Plan is to assist the development and prevent the deterioration of land and buildings located within the Development District and to cause the development of property located within the Development District in cooperation with private enterprise; and 3.4 Recital Four. To achieve the objectives of the Development Program and, particularly, to make the Development Property available for private enterprise to develop in conformance with the Development Program, the City has determined to convey the Development Property to the Developer to cause development in accordance with this Agreement; 3.5 Recital Five. The City 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 WARRANTIES; OPINION OF COUNSEL. 4.1 Representation and Warranties of the City. The City makes the following representations and warranties to the Developer: (a) The City is a Minnesota Municipal Corporation. The City has the power to enter into this Agreement and to carry out its obligations under this Agreement. Page 49 1316916v1