05-13-1996 EDA - Laserfiche WebLink

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� ___ _ :_ , _ _ _� . _�: - ; :�,...._� � ;... . . --- •- - ---� � . .� , - --• -- _ _ . _ _ _ . .�_____ - _ _ Deposit Agreement for Evaluation of Tax Increment Assistance By and Betwe�n the IVIounds View Economic Development Authoriiy and V.B. Digs This agreement made as of the day of April, 1996 by and between the MOIJNDS VIEW ECONOIvIIC DEVELOPNIENT AUTHORITY, a body corporate and politic, organized and eYisting under the laws of the State of Vlinnesota (the "EDA") and V.B. Digs, a Minnesota Limited Liability Corporation ("V.B. Di�s"). WTTNESSETH: VV�IEREAS, the EDA has the powers provided in I�linnesota Statutes, Sections 469.124 to 469.134 and 469.090 to 469.103 (collectively, the "Act"); and WF-IEREAS, pursuant to and in furtherance of the objectives of the Act, the EDA has undertaken a program to promote deveiopment and redevelopment of certain land within tlie City of Mounds View and in connection is engaged in caixying out the Mounds View Economic Development Project (the "Project") within the City; and WHEREAS, the redevelopment and development of property within the Project by private developers are stated objectives of the Project Plan. NOW THEREFORE, in consideration of a mutual covenants made herein and for other �ood and valuable consideration set forth in the Agreement, the parties agree as follows: Section 1. V.B. Digs a�ees to provide the EDA with a deposit of �2,�00 for the EDA's consultants to investigate the feasibility of provic�ing Tax Increment Financing assistance to V.B. Digs for the redevelopment of the Bel-Rae Ballroom site (the "Property�'). If the EDA incurs additional expenses directly related to the feasibility of providin� Ta.Y Increment Assistance to V.B. Digs beyond the �2,�00, prior to the e;cecution ofthe Developer's Agreement, the EDA shall notify V.B. Digs in w-riting and V.B. Digs wiil be required to deposit additional funds as a condition of the EDA entering into any such Development �greement. Section Z. If the project is approved and V.$. Digs proceeds with the project, the EDA shall reimburse V.B. Digs' deposit to the extent permissible under the TIF Act. If V.B. Digs does not proceed with the redevelopment of the Property due to the decision of either the EDA of V.B. Digs, the EDA shall reimburse the applicant for the unused portion of the deposit to the eYtent possible. Section 3. Nothing contained iri this aareemeat shall in any way obligate the EDA to proceed with the redevelopment of the Property or othe.rwise ente: into a Developmeat Agreement with V.B. Digs. . IN WITNESS WHEREOF, the parties have e:cecuted this Agreement as of the day and vear first above written. "