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08-07-1995 WS
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08-07-1995 WS
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MV City Council
City Council Document Type
City Council Packets
Date
8/7/1995
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To the Buyer: City of Mounds View <br /> Attn: Samantha Orduno <br /> 2401. Highway 10 <br /> Mounds View, YIN 55112-1499 <br /> 13.4 Buyer will in good faith consider on a timely basis the <br /> implementation of tax increment financing for Lots 1 through 3, North Star <br /> Industrial Park 2nd Addition. Buyer acknowledges that the good faith <br /> consideration of tax increment financing for those Parcels is a material part <br /> of the consideration pursuant to which Seller is agreeing to sell the Property <br /> to Buyer for the price described herein. It is understood by Buyer that there <br /> is no assurance that the Mounds View City Council will approve such tax <br /> increment financing and that nothing in this Agreement is intended to create <br /> any basis for a claim by Seller in the event that City Council approval of such <br /> financing is not obtained. The terms of the tax increEent -be <br /> as follows: <br /> a. Tax increment financing would be for the benefit of the third party <br /> buyer or buyers from Seller. <br /> b. Tax increment financing would be in an amount not to exceed Two <br /> Hundred Thirty Thousand and no/100 ($230,000.00) Dollars for lateral <br /> water and sewer connection fees and for storm water retention pond, all <br /> for the benefit of Lots 1 through 3, Block 1, of the Plat ("Benefited <br /> Lots") . <br /> c. Thirty Thousand and no/00 ($30,000.00) Dollars of the tax increment <br /> financing would be for the drainage water retention pond to be <br /> advanced for the benefit of the first third party buyer of any of the <br /> Benefited Lots. <br /> d. The remaining Two Hundred Thousand and no/100 ($200,000.00) Dollars <br /> of the tax increment financing would be for lateral water and sewer <br /> connection fees to the City of Blaine for the Benefited Lots and would <br /> be prorated among the Benefited Lots based upon the proportionate <br /> square footage of each lot to the total square footage of all the lots, <br /> with said pro rata benefit for each of the Benefited Lots to be allocated <br /> to the third party buyer or buyers of each such lot. <br /> 13.5 Prior to Closing, Seller, at its sole cost and expense, will record <br /> the Final Plat for North Star Industrial Park 2nd Addition. As part of the <br /> Final Plat, Seller will convey to the City the property described as "Outlot A" <br /> in the Plat. The conveyance of Outlot A will be in lieu of park dedication fees. <br /> Seller will also agree as part of the Final Plat process that the future detention <br /> pond to be constructed on the northern portion of Outlot A will be constructed <br /> at Seller's sole cost and expense and will be constructed according to Buyer's <br /> specifications. The responsibility for maintenance of the detention pond will <br /> be that of the owners of Lots 1 and 2. Maintenance of the pond will be in <br /> accordance with City standards, policies and procedures. <br /> 13.6 This contract shall be governed by the laws of the State of <br /> Minnesota. <br /> Section of RE run chase Agreement <br /> S,._59371 <br /> MU125-21 <br /> with Watson Investment <br />
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