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IX. Attachment B: Deposit Agreement <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 /> This agreement made as of the day of , 2000 by and between <br /> the MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY, a body <br /> corporate and politic, organized and existing under the laws of the State of <br /> Minnesota (the "EDA") and (The Applicant). <br /> WITNESSETH: <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 /> 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 /> 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 /> 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 Applicant) 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 /> 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 /> 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 /> 411 into a Development Agreement. <br /> 12 <br /> IM\ <br />