07-14-1999 Additions - Laserfiche WebLink

Home Browse Search

there are Tax Increments in excess of the amounts needed to pay the accrued interest then due on the Tax Increment Note. (g) The City's obligation to make payments on the Tax Increment Note on any Note Payment Date or any date thereafter shall be conditioned upon the requirement that (i) there shall not at that time be an Event of Default that has occurred and is continuing under this Agreement and (ii) this Agreement shall not have been rescinded pursuant to Section 4.2(b). (h) The Tax Increment Note shall be governed by and payable pursuant to the additional terms thereof, as set forth in Exhibit D. In the event of any conflict between the terms of the Tax Increment Note and the terms of this Section 3.4, the terms of the Tax Increment Note shall govern. The issuance of the Tax Increment Note pursuant and subject to the terms of this Agreement, and the undertaking by the City of such additional actions as bond counsel for the Tax Increment Note may require in connection therewith, are hereby authorized and approved by the City. (i) The Tax Increment District shall have been enlarged to incorporate the Development Property. Section 3.5. Wage and Job Goals. The City is not providing tax increment financing for the purpose of economic development or job growth purposes and therefore the provisions of Minnesota Statutes, Section 116J.991 are not applicable and the City is not establishing wage and job goals in connection with the Project. Section 3.6. Payment of City Costs. The Developer shall be responsible for and pay all costs of the Project and shall pay and reimburse the City for expenses and costs, incurred by it of whatever nature, foreseen or unforseen, in connection with (a) the Project, (b) the preparation, negotiation and any amendment to this Agreement and associated documents, (c) the enlargement and /or amendment of the Tax Increment Plan and the Tax Increment District, including all fees of fiscal consultants and all City staff time, (d) the acquisition or attempted acquisition of the Development Property, whether by outright purchase or pursuant to the exercise of the power of eminent domain, and all costs and expenses relating thereto, including without limitation, costs of appraisal, purchase price condemnation awards or judgments, costs of survey, platting or subdivision, costs of correcting title to the Development Property, relocation costs, expenses and benefits, City staff time, planning costs, costs of condemnation proceedings, other out -of- pocket costs allocable thereto or to the conveyance of the Development Property, (e) all attorneys fees and consultant's fees relating to the foregoing, and (0 all costs and expenses of enforcing, amending or modifying the terms and provisions of this 1058683.RED V5 to V4; 7/14/99 15 PAGE 32