08-22-2001 Council Agenda - Laserfiche WebLink

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(b) The Tax Increment District was created, adopted and approved in accordance with the terms of the Tax Increment Act. (c) The Project is in conformance with the development objectives set forth in the Development Program and the Tax Increment Financing Plan. (d) The City Council has made the findings Minn. Stat. §469.175, Subd. 3, requires for the Tax Increment District and has set forth in writing the reasons and supporting fax for each determination. 4.2 Representations and Warranties of the Developer. The Developer makes the following representations and warranties to the City: (4))(a) Developer is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Minnesota. (s)(b) Developer has thecorporatc power and authority to execute this Agreement and perform each of its obligations under this Agreement. (c) Developer has taken allc rp ratc actions necessary to authorize ',Reginald A. Plowman's execution and delivery of this Agreement and the Purchase Agreement and to authorize the Developer's performance of its obligations under this Agreement and the Purchase Agreement. (d) Reginald A. Plowman's execution of this Agreement, in " phis capacity as Chief Manager of Developer and delivery of this Agreement to the City constitutes the due execution of this Agreement and delivery to the City of this Agreement, and, upon such delivery, this Agreement will constitute the legal, valid and binding obligation of the Developer, enforceable against the Developer in accordance with its terms. (e) The Developer's execution of this Agreement and performance of its obligations does not require the consent, approval, order or authorization or registration, declaration or filing with any governmental authority or any other individual or entity. (1) Neither the Developer's execution and delivery of this Agreement, the consummation of the transactions contemplated in this Agreement nor the Developer's fulfillment of or compliance with the terms and conditions of this Agreement is prevented, limited by, or conflicts with or results in a breach of the terms, conditions or provisions of Developer's organization documents or any contractual restriction, evidence of indebtedness, agreement or instrument of whatever nature to which the Developer is now a party, or by which the Developer is bound, or constitutes a default under any of the foregoing. (g) The Developer would not undertake the Project but for the assistance provided by the City pursuant to this Agreement. 1316916v1 l.d Page 50