07-22-2019 EDA Packet - Laserfiche WebLink

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13 Section 3.9. City Development Agreement. (a) As set forth in the Development Agreement to be entered into between the City and the Developer (the “Development Agreement”), the Developer will agree to construct the following public improvements for the City: public streets (including County road improvements), sanitary sewer, water main, storm sewer and ponds, trail and sidewalk. Pursuant to the Development Agreement, the Developer has also agreed to construct the following private improvements: private street, grading, storm ponds, and landscaping. (b) Pursuant to the Development Agreement, at such time as the Developer completes construction of the commercial development to be located at the Southeast quadrant of the Development Property, the Developer shall provide a monument sign at Southeast quadrant of Development Property which will provide space for the name of the City and its logo. The Developer will provide a license to the City for the installation and maintenance of the City’s signage on such monument, as shown on the final construction plans approved by the City. (c) Pursuant to City policies, it is expected that the Developer will receive credits from the City in the amount of approximately $300,000 for the Developer’s park dedication fees, trunk utility fees, and surface water management fees related to the Minimum Improvements in exchange for the Developer’s payment and construction of public trail improvements and oversized utility improvements for the Minimum Improvements. Such credit shall not reduce the amount of the TIF Note or any other subsidies provided to the Developer hereunder. Section 3.10. Payment of Administrative Costs. The Developer has deposited with the Authority $7,500 to pay Administrative Costs. The Authority will use such deposit to pay “Administrative Costs,” which term means out of pocket costs incurred by the Authority, together with staff and consultant costs of the Authority, all attributable to or incurred in connection with the negotiation, preparation or modification of this Agreement, the TIF Plan, and other documents and agreements in connection with the establishment of the TIF District and development of the TIF District Property, and not previously paid by Developer. If at any time the Authority determines that the deposit is insufficient to pay Administrative Costs, the Developer is obligated to pay such shortfall within 30 days after receipt of a written notice from the Authority containing evidence of the unpaid costs. If Administrative Costs incurred, and reasonably anticipated to be incurred are less than the deposit by the Developer, the Authority shall return to the Developer any funds not anticipated to be needed within thirty (30) days of the Certificate of Completion for the Minimum Improvements. Section 3.11. Records. The Authority and its representatives shall have the right at all reasonable times after reasonable notice to inspect, examine and copy all books and records of Developer relating to the Minimum Improvements and the costs for which the Developer has been reimbursed with Tax Increment. Section 3.12. Purpose of Assistance. The parties agree and understand that the purpose of the Authority’s financial assistance to the Developer is to facilitate development of affordable residential senior rental housing for persons of low and moderate income, and is not a “business subsidy” within the meaning of Minnesota Statutes, Sections 116J.993 to 116J.995, as amended.