18-EDA-303 - Laserfiche WebLink

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WHEREAS, the Developer has indicated to the EDA that the Specialty Retail Development component of the development will be completely privately financed and the Developer does not anticipate requesting any business subsidies or other financial incentives from the EDA or the city of Mounds View (the "City"); and WHEREAS, the Developer has indicated that it may seek business subsidy assistance or financial incentives from the City and/or the EDA to make the apartment and/or traditional retail portion of the Development feasible; and WHEREAS, the EDA will need to determine if various studies, as may be determined to be reasonably necessary, should be conducted, including without limitation an environmental impact or related study, an infrastructure feasibility study, an economic impact study, and any other studies which are either required by law or deemed appropriate by the EDA and/or City; and WHEREAS, the EDA will continue to discuss and negotiate with the Developer regarding the overall development of the Property; and WHEREAS, the EDA are willing to discuss with the Developer any public subsidies which may be available for the Development, however, nothing herein shall be interpreted as an approval or guarantee of any future public financial assistance, including but not limited to tax increment financing, tax abatement, business subsidies, or any other public assistance authorized by law; and WHEREAS, various ordinance, land use, zoning, and subdivision issues and actions related to the Development and the Property are required to be approved by the City in order to facilitate the Development by the Developer; and WHEREAS, the EDA agrees to cooperate with the Developer to review and to assist the Developer, where deemed appropriate by the EDA, with obtaining various ordinance, land use, zoning, and subdivision approvals and actions related to the Development and the Property in order to facilitate the Development by the Developer, provided that nothing herein shall be interpreted as an approval or guarantee of any future land use, zoning, or other required City approvals; and WHEREAS, the EDA is willing to consider and the Developer is desirous to undertake the Development if (i) a satisfactory agreement can be reached regarding the EDA's commitment for public costs, if any, necessary for the Development; (ii) satisfactory mortgage and equity financing, or adequate cash resources for the Development can be secured by Developer; and (iii) the feasibility and soundness of the Development and other necessary preconditions have been determined to the satisfaction of the parties. NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and obligations set forth herein, the parties agree as follows: 2 5112603 SJR MU205-46