03-24-1997 EDA Packet - Laserfiche WebLink

Home Search

REIMBURSEMENT AGREEMENT THIS AGREEMENT is made and entered into as of the day of , 1997, by and between the Lino Lakes Economic Development Authority, a public body corporate and politic under the laws of Minnesota (the "Authority") and Nicholas Gargaro and Deborah Gargaro, husband and wife (the "Developer"). WITNESSETH: WHEREAS, the parties hereto did on the day of , 1996, enter into that certain document entitled "Contract for Private Development" (the "Agreement"); and WHEREAS, the Agreement provided that the Developer would construct a 100,000 square foot warehouse facility on the land legally described on Exhibit A attached hereto (the "Property"); and WHEREAS, the Developer has incurred certain expenses in correcting the soils, preparing the site and otherwise making the Property suitable for development, which expenses are collectively known as the Site Preparation Costs; and WHEREAS, the Authority agreed to reimburse the Developer for its actual and reasonable expenditures for the Site Preparation Costs, partially at the time of issuance of the Certificate of Completion and partially from Available Tax Increment; and WHEREAS, in order to secure such payments, the Agreement requires that the Authority and Developer enter into this Reimbursement Agreement; NOW, THEREFORE, in consideration of the mutual obligations of the parties contained in the Agreement and in this Reimbursement Agreement, the parties agree as follows: Section 1. Definitions. Unless the contrary clearly appears from the context, the terms used in this Reimbursement Agreement shall have the same meanings as given them in the Agreement. Section 2. Repayment Amount. Subject to the limitations contained herein, the Authority agrees to reimburse the Developer for the Developer's actual and reasonable expenses associated with the Site Preparation Costs. The Authority's maximum obligation with regard to the Site Preparation Costs is $70,000. Notwithstanding anything herein to the contrary, the Authority shall not be obligated to reimburse the Developer for any of the Site Preparation Costs until the Developer has submitted evidence deemed reasonably satisfactory to the Authority of the Developer's actual and reasonable expenditures for the Site Preparation Costs. Section 3. Timing of Payments. (a) Following issuance of the Certificate of Completion and after receipt of satisfactory evidence regarding the Developer's expenditures for the Site Preparation Costs, the Authority will reimburse the Developer for up to $45,000 of the Site Preparation Costs. RHB116867 LN140-47 1