Resolution No. 16-02 EDA - Laserfiche WebLink

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redevelopment. (d) Negotiate in good faith with the EDA regarding any proposed redevelopment of the Property, including any possible public financial assistance related thereof, all with the goal of entering into a contract for private redevelopment (the "Contract"). 2. During the term of this Agreement, the EDA agrees to: (a) Review any proposed successor to the Developer, and if the EDA determines to approve that successor, thereafter cooperate with the successor as the Developer under this Agreement. (b) Cooperate with the Developer or its successor in evaluating any redevelopment proposal submitted by the Developer, including whether any public financial assistance is warranted in connection with that effort. (c) Proceed to seek all necessary information with regard to the anticipated public costs associated with any proposed redevelopment. (d) If the EDA determines that tax increment assistance is reasonably necessary in order to induce the proposed redevelopment of the Property, with the Developer's assistance, begin the process to create a redevelopment, a housing or a renewal and renovation tax increment financing district encompassing the Property, including the preparation of a tax increment financing plan, pursuant to Minnesota Statutes, Sections 469.174 through 469.1799, as amended (collectively, the "TIF Act"); provided that parties agree and understand that the EDA must file a request for certification of such a tax increment financing district within three years after the date of demolition of the building on the Property, unless Section 469.174, subd. 10(d) is hereafter amended to extend that time period. (e) Negotiate in good faith with the Developer or a successor regarding any proposed redevelopment of the Property, including any possible public financial assistance related thereto, all with the goal of entering into a Contract. 3. It is expressly understood that execution and implementation of the Contract shall be subject to: (a) A determination by the EDA in its sole discretion that its undertakings are feasible based on (i) the projected tax increment revenues and any other revenues designated by the EDA; (ii) the purposes and objectives of any tax increment, development, or other plan created or proposed for the purpose of providing financial assistance for the Redevelopment; and (iii) the best interests of the EDA. (b) A determination by the EDA that any EDA financial assistance is reasonably necessary in order to make the Redevelopment financially feasible. 445151v1 JAE WA445-15 2