Resolution 05-EDA207 - Laserfiche WebLink

Home Browse Search

. . . ARTICLE II REPRESENT A TIONS AND WARRANTIES Section 2.1. Representations and Warranties of the Authority. The Authority makes the following representations and warranties: (1) The Authority is a body politic and corporate and has the power to enter into this Agreement and carry out its obligations hereunder. (2) The Tax Increment District is a "redevelopment district" within the meaning of Minnesota Statutes, Section 469.174, Subdivision 10, and was created, adopted and approved in accordance with the terms of the Tax Increment Act. (3) The development contemplated by this Agreement is in conformance with the development objectives set forth in the Redevelopment Plan. (4) The Authority proposes, subject to the further provisions of this Agreement, to apply Tax Increments to reimburse the Developer for the costs of ponding and stormwater management improvements incurred in cOlmection with the Project as further provided in this Agreement. (5) The Authority makes no representation or wammty, either express or implied, as to the Development Property or its condition or the soil conditions thereon, or that the Development Property shall be suitable for the Developer's purposes or needs. Section 2.2. Representations and Warranties of the Developer. The Developer makes the following representations and warranties: (1) The Developer is a Delaware corporation and has power to enter into this Agreement and to perfoml its obligations hereunder and by so doing will not be in violation of its articles of operation, member control agreement or operating agreement or the laws of the State. (2) The Developer will cause the Project to be installed in accordance with the tenns of this Agreement, the Redevelopment Plan, and all local, state and federal laws and regulations (including, but not limited to, environmental, zoning, energy conservation, building code and public health laws and regulations). (3) The construction of the Project would not be undertaken by the Developer, and in the opll1lOn of the Developer would not be economically feasible within the reasonably foreseeable future, without the assistance and benefit to the Developer provided for in this Agreement. (4) The Developer will use its best efforts to obtain, or cause to be obtained, in a timely maImer, all required permits, licenses and approvals, and will meet, in a timely manner, all requirements of all applicable local, state, and federal laws and regulations which must be obtained or met before the Project may be lawfully constructed. ] 796750vl 5