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• <br /> Deposit Agreement for Evaluation of Tax Increment Assistance <br /> By and Between the Mounds View Economic Development Authority and <br /> Mounds Vista Inc <br /> This agreement made as of the day of S' , 1997 by and between the <br /> MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY, a body corporate and politic, <br /> orgsni7ed and existing under the laws of the State of Minnesota(the "EDA") and Mounds Vista <br /> Inc. (the "Applicant"). <br /> WITNESSETH: <br /> WHEREAS, the EDA has the powers provided in Minnesota Statutes, Sections 469.124 <br /> to 469.134 and 469.090 to 469.108 (collectively, the"Act"); and <br /> WHEREAS,pursuant to and in furtherance of the objectives of the Act,the EDA has <br /> undertaken a program to promote development and redevelopment of certain land within the City <br /> of Mounds View and in connection is engaged in carrying out the Mounds View Economic <br /> Development Project as detailed in EDA document dated 5/9/94(the"Project") within the City; • <br /> and <br /> WHEREAS, the redevelopment and development of property within the Project by <br /> private developers are stated objectives of the Project Plan. <br /> NOW THEREFORE, in consideration of a mutual covenants made herein and for other <br /> good and valuable consideration set forth in the Agreement, the parties agree as follows: <br /> Section 1. Applicant agrees to provide the EDA with a deposit of$1,000 for the EDA's <br /> consultants to investigate the feasibility of providing Tax Increment Financing assistance to <br /> Applicant for the redevelopment of properties located at the corner SW of Highway 10 and <br /> _ County Road H (the "Property"). If the EDA incurs additional expenses directly related to the <br /> feasibility of providing Tax Increment Assistance to Applicant beyond the$1,000,prior to the <br /> execution of the Developer's Agreement,the EDA shall notify Applicant in writing and <br /> Applicant will be required to deposit additional funds as a condition of the EDA entering into <br /> any such Development Agreement. <br /> Section 2. If the project is approved and Applicant proceeds with the project,the EDA <br /> shall reimburse Applicant's deposit to the extent permissible under the TIF Act. If Applicant <br /> does not proceed with the redevelopment of the Property due to the decision of either the EDA or <br /> Applicant, the EDA shall reimburse Applicant for the unused portion of the deposit. 41 <br />