05-12-1997 EDA - Laserfiche WebLink

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Attachment B • Deposit Agreement for Evaluation of Tax Increment Assistance By and Between the Mounds View Economic Development Authority and (The Applicant) This agreement made as of the day of , 1997 by and between the MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY, a body corporate and politic, organized and existing under the laws of the State of Minnesota(the "EDA") and (The Applicant). WITNESSETH: WHEREAS, the EDA has the powers provided in Minnesota Statutes, Sections 469.124 to 469.134 and 469.090 to 469.108(collectively,the "Act"); and WHEREAS, pursuant to and in furtherance of the objectives of the Act, the EDA has undertaken a program to promote development and redevelopment of certain land within the City of Mounds View and in connection is engaged in carrying out the Mounds View Economic Development Project as detailed in EDA document dated 5/9/94 (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 good and valuable consideration set forth in the Agreement, the parties agree as follows: Section 1. (The Applicant) agrees to provide the EDA with a deposit of$1,000 for the EDA's consultants to investigate the feasibility of providing Tax Increment Financing assistance to (The Applicant) for the redevelopment of the (the"Property"). If the EDA incurs additional expenses directly related to the feasibility of providing Tax Increment Assistance to (The Applicant) beyond the $1,000, prior to the execution of the Developer's Agreement,the EDA shall notify (The Applicant) in writing and (The Applicant) will be required to deposit additional funds as a condition of the EDA entering into any such Development Agreement. Section 2. If the project is approved and (The Applicant) proceeds with the project,the EDA shall reimburse (The Applicant)' deposit to the extent permissible under the TIF Act. If (The Applicant) does not proceed with the redevelopment of the Property due to the decision of either the EDA or (The Applicant), the EDA shall reimburse the applicant for the unused portion of the deposit.