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_ . � : - - � _ _ . - , . -. __.___ _ � � : v <br />(c) The assistance woulci be provided on a"pay as you <br />go" basis irom 85� (or other identified portion) of the tax <br />increments generated by the particular_ project, with <br />assis�ance amounts bearing simple inte�est at up to 7.00� per <br />annum until paid, all subject to the limitation that the City <br />obtain enough tax increments from the TIF District as a whale <br />to pay the debt service on the various general obligation <br />bonds which have been sold to aid the development of the <br />Business Park. <br />(d) Each project so assisted shall be an owner-occupied <br />facility for a company or other user acceptable to the Board. <br />(e) Design and cons�ruction plans for each new project <br />be consistent with the standards heretofore established for <br />the Business Park and otherwise acceptable to the Board. <br />(f) Each proposed project be consistent with and conform <br />to the requirements of applicable law (including the City's <br />municipal Code of Ordinances) and receive all necessary <br />approvals. <br />This Agreement shall not constitute the commitment by the <br />Developer with respect to the development of any of the Remaining <br />Sites within the Business Park and shall not be interpreted as a <br />final commitment of the EDA to provide tax increment assistance for <br />any such development. Any such assistance approved hereafter shall <br />be by separate written agreement, superseding this Agreement. <br />MOUNDS VIEW ECONOMIC DEVELOPMENT <br />AUTHORITY <br />By <br />Its President <br />By <br />Its Executive Director <br />EVEREST DEVELOPMENT, LTD., a <br />Minnesota Corporation <br />By <br />Its President <br />By <br />Its Chairman of the Board <br />263272.1 2 <br />