08-28-2013 Council Agenda - Laserfiche WebLink

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Arcade Street. This amount shall be in an unsecured position but subject to the other applicable terms and conditions of the original Cooperative Agreement. Provision #1 of the Cooperative Development Agreement entitled "Allowable Development Costs" is modified as follows: Allowable Development Costs which the parties expect to incur during the term of this Agreement and which are intended to be eligible for tax increment financing (TIF) assistance shall include: a. the initial land acquisition costs for 2966 Arcade Street; b. the subsequent acquisition of another parcel to provide adequate access to 2966 Arcade Street; c. the costs associated with the demolition of structures and improvements on the properties acquired; d. costs of platting the properties; e. costs associated with improvements made to the property to facilitate development of single family homes pursuant to the approved plat, including surveying and engineering; and f. interest carrying charges based on a 6.5% annual interest rate calculated from the date of the allowable expenditure until the issuance of a Tax Increment Financing Note to provide for the repayment of the allowable development costs less the lot sales proceeds. - and g. property taxes on acquired property that will be part of this redevelopment project. IN WITNESS WHEREOF, the parties have set their hands to this Contract on the date stated above. CITY: City of Little Canada / I By: j, it B esener, Mayor STATE OF MINNESOTA } } SS COUNTY OF RAMSEY } The foregoing instrument was acknowledged before me this 15 day of January, 2010, by William Blesener, as Mayor, and by Joel R. Hanson, as City Administrator, of the City of Little Canada, a municipal corporation of the State of Minn -.ota,on behalf o: said municipal corporation. ,2 /c Hanson, City Administrator 35 2 Notary Public KATHLEEN A. GLANZER NOTARY PUBLIC - MINNESOTA i My Commission Expires Jan. 31, 2015 r