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11 <br />X. Attachment B: Deposit Agreement <br /> <br />Deposit Agreement for Evaluation of Tax Increment Assistance <br />By and Between the Mounds View Economic Development Authority <br />and (The Applicant) <br /> <br />This agreement made as of the day of , 2005 by and between the MOUNDS <br />VIEW ECONOMIC DEVELOPMENT AUTHORITY, a body corporate and politic, organized and existing <br />under the laws of the State of Minnesota (the “EDA”) and (“The Applicant”). <br /> <br />W ITNESSETH: <br /> <br />WHEREAS, the EDA has the powers provided in Minnesota Statutes, Sections 469.124 to <br />469.134 and 469.090 to 469.108 (collectively, the “Act”); and <br /> <br />WHEREAS, pursuant to and in furtherance of the objectives of the Act, the EDA has undertaken a <br />program to promote development and redevelopment of certain land within the City of Mounds View and <br />in connection is engaged in carrying out the Mounds View Economic Development Project as detailed in <br />EDA document dated 5/9/94 (the “Project”) within the City; and <br /> <br />WHEREAS, the redevelopment and development of property within the Project by private <br />developers are stated objectives of the Project Plan. <br /> <br />NOW THEREFORE, in consideration of a mutual covenants made herein and for other good and <br />valuable consideration set forth in the Agreement, the parties agree as follows: <br /> <br />Section 1. (The Applicant ) agrees to provide the EDA with a deposit of $5,000 for the EDA’s <br />consultants to investigate the feasibility of providing Tax Increment Financing assistance to (The <br />Applicant) for the redevelopment of the (the “Property”). If the EDA incurs additional expenses directly <br />related to the feasibility 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) in writing and (The <br />Applicant) will be required to deposit additional funds as a condition of the EDA entering into any such <br />Development Agreement. <br /> <br />Section 2. If the project is approved and (The Applicant) proceeds with the project, the EDA shall <br />reimburse (The Applicant)’s deposit to the extent permissible under the TIF Act. If (The Applicant) does <br />not proceed with the redevelopment of the Property due to the decision of either the EDA or (The <br />Applicant), the EDA shall reimburse the applicant for the unused portion of the deposit. <br /> <br /> <br />Section 3. Nothing contained in this agreement shall in any way obligate either party to proceed <br />with the redevelopment of the Property or otherwise enter into a Development Agreement. <br /> <br />IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first <br />above written.