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07-26-2004
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07-26-2004
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8/6/2018 1:45:18 PM
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MV EDA
EDA Document Type
Council Packets
Date
7/26/2004
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<br /> 1664674v2 4 <br />ARTICLE II <br /> <br />REPRESENTATIONS AND WARRANTIES <br />Section 2.1. Representations and Warranties of the Authority. The Authority makes <br />the following representations and warranties: <br />(1) The Authority is a body corporate and politic and has the power to enter into this <br />Agreement and carry out its obligations hereunder. <br />(2) The Tax Increment District is a "redevelopment district" within the meaning of <br />Minnesota Statutes, Section 469.174, Subdivision 10, and was created, adopted and approved in <br />accordance with the terms of the Tax Increment Act. <br />(3) The development contemplated by this Agreement is in conformance with the <br />development objectives set forth in the Redevelopment Plan. <br />(4) The Authority proposes, subject to the further provisions of this Agreement, to <br />apply Tax Increments to reimburse the Developer for the costs of demolition of the existing <br />building on the Development Property and for the costs of ponding and stormwater management <br />improvements on the Development Property as further provided in this Agreement. <br />(5) The Authority makes no representation or warranty, either express or implied, as <br />to the Development Property or its condition or the soil conditions thereon, or that the <br />Development Property shall be suitable for the Developer's purposes or needs. <br />Section 2.2. Representations and Warranties of the Developer. The Developer makes <br />the following representations and warranties: <br />(1) The Developer is a limited liability company and has the power to enter into this <br />Agreement and to perform its obligations hereunder and by so doing will not be in violation of <br />its articles of organization or operating agreement or member control agreement or the laws of <br />the State. <br />(2) The Developer will cause the Project to be constructed in accordance with the <br />terms of this Agreement, the Redevelopment Plan, and all local, state and federal laws and <br />regulations (including, but not limited to, environmental, zoning, energy conservation, building <br />code and public health laws and regulations). <br />(3) The construction of the Project would not be undertaken by the Developer, and in <br />the opinion of the Developer would not be economically feasible within the reasonably <br />foreseeable future, without the assistance and benefit to the Developer provided for in this <br />Agreement. <br />(4) The Developer will use its best efforts to obtain, or cause to be obtained, in a <br />timely manner, all required permits, licenses and approvals, and will meet, in a timely manner, <br />all requirements of all applicable local, state, and federal laws and regulations which must be <br />obtained or met before the Project may be lawfully constructed.
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