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To the Buyer: <br />City of Mounds View <br />Attn: Samantha Orduno <br />2401 Highway 10 <br />Mounds View, MN 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 Stav <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 Furth <br />financing is not -obtained. -The-terms of the tax increment financing would. 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 wad expense, will record <br />the Final Plat for North Star Industrial Park 2nd Addition. As part of the <br />Filial 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 />JZT59371 <br />14U125-21 <br />