09-07-2021 EDA Packet - Laserfiche WebLink

Home Search

12 (b) Within sixty (60) days of the completion of the construction of the Minimum Improvements and the Infrastructure Improvements, the Developer shall provide the Authority with final construction costs of the Minimum Improvements and the Infrastructure Improvements. If the final construction costs of constructing the Minimum Improvements and the Infrastructure Improvements are less than estimated by the Developer at the time it sought assistance from the Authority, the Authority shall reduce the principal amount of the TIF Note by 5% of the difference between the initial estimated construction costs of the Minimum Improvements and the Infrastructure Improvements ($50,757,335) and the final construction costs of the Minimum Improvements and the Infrastructure Improvements. (c) Within sixty (60) days of the completion of the construction of the Skilled Nursing Units (subject to the provisions of Section 3.4), the Developer shall provide the Authority with final construction costs of the Skilled Nursing Units. If the final construction costs of constructing the Skilled Nursing Units are less than estimated by the Developer at the time it sought assistance from the Authority, the Authority shall reduce the principal amount of the TIF Note by 5% of the difference between the initial estimated construction costs of the Skilled Nursing Units and the final construction costs of the Skilled Nursing Units. (d) If the Skilled Nursing Units are not commenced by August 1, 2029 for any reason other than those set forth in Section 3.4 hereof, the Authority shall reduce the principal amount of the TIF Note by 5%. (e) Notwithstanding anything to the contrary herein, the reductions of the TIF Note contemplated in this Section 3.7 collectively shall not reduce the principal amount of the TIF Note by more than $160,900. Section 3.8. Sale of Restaurant Parcel or Commercial Parcel. In the first eight years following the date of this Agreement, if the Developer sells Lot 2, Block 2, Lyngblomsten at Lino Lakes Addition or Outlots B or C, Lyngblomsten at Lino Lakes Addition for more than one hundred and five percent (105%) of the Developer’s cost for such parcel (including purchase price and all fees related to the purchase), the Developer shall pay to the Authority 45% of the profit obtained by Developer for such parcel. The cost of each parcel sold by the Developer shall be determined by dividing the gross land price paid by the Developer ($2,368,220) by the net developable acreage of the Development Property (3.37 acres or 146,797 square feet) to determine a per square foot cost ($16.13 per square foot) and multiplying the square footage cost by the number of square feet sold. The net developable acreage is based on the final plat. Section 3.9. City Development Agreement. (a) Pursuant to the Development Agreement, dated ________, 2021 (the “Development Agreement”), between the City and the Developer, the Developer has agreed to construct various improvements on the Development Property as described more fully in the Development Agreement. (b) 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