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<br />. <br /> <br />. <br /> <br />. <br /> <br />IX. Attachment B: Deposit Agreement <br /> <br />Deposit Agreement for Evaluation of Tax Abatement Finance <br />Assistance <br />By and Between the Mounds View Economic Development <br />Authority and (The Applicant) <br /> <br />This agreement made as of the _ day of , 2000 by and between <br />the MOUNDS VIE\V ECONOMIC DEVELOPMENT AUTHORITY, a body <br />corporate and politic, organized and existing under the laws of the State of <br />l\Iinnesota (the "EDA") and (The Applicant). <br /> <br />\VITNESSETH: <br /> <br />WHEREAS, the EDA has the powers provided in Minnesota Statutes, <br />Sections 469.1812 to 469.1815, as amended (collectively, the "Act"); and <br /> <br />'WHEREAS, pursuant to and in furtherance of the objectives of the Act, the <br />EDA has undertaken a program to promote development and redevelopment of <br />certain land within the City of Mounds View <br /> <br />NOW THEREFORE, in consideration of a mutual covenants made herein and <br />for other good and valuable consideration set forth in the Agreement, the parties <br />agree as follows: <br /> <br />Section 1. (The Applicant) agrees to provide the EDA with a deposit of <br />$1,000 for the EDA's consultants to investigate the feasibility of providing Tax <br />Abatement Financing assistance to (The Applicant) for the redevelopment of the <br />(the "Property"). If the EDA incurs additional expenses directly related to the <br />feasibility of providing Tax Abatement Assistance to (The Applicant) beyond the <br />$1.000, prior to the execution of the Developer's Agreement, the EDA shall notify <br />(The Applica.nt) in writing and (The Applicant) will be required to deposit additional <br />funds as a condition of the EDA entering into any such Development Agreement. <br /> <br />Section 2. If the project is approved and (The Applicant) proceeds with the <br />project, the EDA shall reimburse (The Applicant's) deposit to the extent permissible <br />under applicable statute including statues 469.1812 to 469.1815, as amended. If <br />(The Applicant) does not proceed with the redevelopment of the Property due to the <br />decision of either the EDA or (The Applicant), the EDA shall reimburse the <br />applicant for the unused portion of the deposit. <br /> <br />Section 3. Nothing contained in this agreement shall in any way obligate <br />either party to proceed with the redevelopment of the Property or otherwise enter <br />into a Development Agreement. <br /> <br />12 <br />