10-25-1995 Additions - Laserfiche WebLink

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regardless of the draw down of funds. For Item (3), tee City- -will 0 o0 o he property, arxumcd to coine- Pewer 4nt-e the (5) Develop a plan agreeable to the City and the Developer for the realignment of Market Place Drive, dedication of related right -of -way, and reconfiguration of parking as it relates to the Developer's property. Developer Actions The Developer will undertake the following actions: (1) Rehabilitate the Market Place as described in the Plan for Redevelopment. (2) Make building exterior and site improvements in accordance with the Plan for Redevelopment. Said improvements shall be competitively bid pursuant to Minnesota Statutes 471.345. (3) Make an initial payment (financing fee) to the City of $150,000 and monthly loan payment pursuant to the terms described above. (4) Obtain permanent replacement financing by December 31, 1998 for the outstanding loan balance plus accrued interest. (5) Provide the City with an appropriate accounting of expenditures prior to the disbursement of funds. (6) A-eq dre the Budget Powcr pr-e. . . . _ City w -:I rift—ri tes —{-60) days of acquisition or at time Budget Power eyes -gin #io - t-hic --pr vie-ion in City Action: #3. (6) Provide the City with written acceptance of this Statement of Understanding. (7) Provide by October 13, 1995 operating pro -forma for the facility covering a ten -year period. This information will be treated as confidential and reviewed by consultants to the City. These will be done for 70% and 100% occu• levels. anc (8) Provide by October 13, 1995 personal and corporate financial statements of participating entities as well as other information needed to evaluate financial capacity to complete the project. This information will be treated as confidential and reviewed by consultants to the City. -3-