Agenda Packets - 1996/05/06 - Laserfiche WebLink

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Deposit Agreement for Evaluation of Tax Increment Assistance By and Between the Mounds View Economic Development Authority and V.B. Digs This agreement made as of the day of April, 1996 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 V.B. Digs, a Minnesota Limited Liability Corporation("V.B. Digs"). WITNES SETH: 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(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. V.B. Digs agrees to provide the EDA with a deposit of$2,500 for the EDA's consultants to investigate the feasibility of providing Tax Increment Financing assistance to V.B. Digs for the redevelopment of the Bel-Rae Ballroom site (the "Property"). If the EDA incurs additional expenses directly related to the feasibility of providing Tax Increment Assistance to V.B. Digs beyond the $2,500, prior to the execution of the Developer's Agreement, the EDA shall notify V.B. Digs in writing and V.B. Digs 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 V.B. Digs proceeds with the project, the EDA shall reimburse V.B. Digs' deposit to the extent permissible under the TIF Act. If V.B. Digs does not proceed with the redevelopment of the Property due to the decision of either the EDA of V.B. Digs, the EDA shall reimburse the applicant for the unused portion of the deposit to the extent possible. Section 3. Nothing contained iri this agreement shall in any way obligate the EDA to proceed with the redevelopment of the Property or otherwise enter into a Development Agreement with V.B. Digs. . IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written. •