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BRIGGS •4.4D MORGAN <br /> Dave Maroney <br /> Rick Jopke <br /> July 28, 1998 <br /> Page 2 <br /> a. The developer shall have submitted to the City construction pla*is for the facility <br /> for approval by the City; <br /> b. The developer shall have entered into an Assessment Agreement with the City and <br /> Ramsey County setting forth a minimum market value for the facility; <br /> c. The City's building inspector has determined that the construction of the facility <br /> is not less than 30%complete; <br /> d. Counsel to the developer has submitted to the City a legal opinion that the <br /> developer has the legal authority to enter into the Development Agreement; and <br /> e. The developer has furnished the City evidence of its financial ability to pay for the <br /> acquisition costs of the property on which the facility will be constructed and the <br /> cost of the construction of the facility. <br /> 6. The developer will agree to insure the facility according to the insurance specifications <br /> set forth in the Development Agreement. <br /> 7. The developer will agree to enter into an Assessment Agreement with the City and <br /> Ramsey County containing a minimum market value set forth in this Assessment <br /> Agreement. <br /> 8. The developer will covenant to pay all real estate taxes due and payable on the facility <br /> and agrees so long as the Development Agreement is in effect not to seek any tax <br /> deferral, abatement or review of the constitutionality or applicability of any state statute <br /> relating to taxation of the facility. <br /> 9. The developer will agree to a tax increment shortfall guaranty. In the event that the tax <br /> increments received in any calendar year are less than the number specified in the <br /> Development Agreement,the developer will agree to pay the difference between the <br /> agreed upon amount and the actual annual tax increments. <br /> 10. To secure the developer's obligation to pay the tax increment shortfall guaranty and <br /> performance of its obligations under the Development Agreement, the developer shall <br /> 962504.1 <br />