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X. Attachment B: Deposit Agreement <br />Deposit Agreement for Evaluation of Tax Increment Assistance <br />By and Between the Mounds View Economic Development <br />Authority and (The Applicant) <br />This agreement made as of the _ day of 2000 by and between <br />the MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY, a body <br />corporate and politic, organized and existing under the laws of the State of <br />Minnesota (the "EDA") and (The Applicant). <br />WITNESSETH: <br />WHEREAS, the EDA has the powers provided in Minnesota Statutes, <br />Sections 469.124 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 <br />EDA has undertaken a program to promote development and redevelopment of <br />certain land within the City of Mounds View and in connection is engaged in <br />carrying out the Mounds View Economic Development Project as detailed in EDA <br />document dated 5/9/94 (the "Project") within the City; and <br />WHEREAS, the redevelopment and development of property within the <br />Project by private developers are stated objectives of the Project Plan. <br />NOW THEREFORE, in consideration of a mutual covenants made herein and <br />for other good and valuable consideration set forth in the Agreement, the parties <br />agree as follows: <br />Section 1. (The Applicant) agrees to provide the EDA with a deposit of <br />$5,000 for the EDA's consultants to investigate the feasibility of providing Tax <br />Increment Financing assistance to (The Applicant) for the redevelopment of the (the <br />"Property"). If the EDA incurs additional expenses directly related to the feasibility <br />of providing Tax Increment Assistance to (The Applicant) beyond the $5,000, prior <br />to the execution of the Developer's Agreement, the EDA shall notify (The Applicant) <br />in writing and (The Applicant) will be required to deposit additional funds as a <br />condition of the EDA entering into any such Development Agreement. <br />Section 2. If the project is approved and (The Applicant) proceeds with the <br />project, the EDA shall reimburse (The Applicant)' deposit to the extent permissible <br />under the TIF Act. If (The Applicant) does not proceed with the redevelopment of <br />the Property due to the decision of either the EDA or (The Applicant), the EDA shall <br />reimburse the applicant for the unused portion of the deposit. <br />11 <br />