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07-26-2004
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07-26-2004
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Last modified
8/6/2018 1:45:18 PM
Creation date
8/6/2018 1:45:08 PM
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MV EDA
EDA Document Type
Council Packets
Date
7/26/2004
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<br /> 1664674v2 5 <br />(5) Neither the execution and delivery of this Agreement, the consummation of the <br />transactions contemplated hereby, nor the fulfillment of or compliance with the terms and <br />conditions of this Agreement is prevented, limited by or conflicts with or results in a breach of, <br />the terms, conditions or provision of any contractual restriction, evidence of indebtedness, <br />agreement or instrument of whatever nature to which the Developer is now a party or by which it <br />is bound, or constitutes a default under any of the foregoing. <br />(6) The Developer will cooperate fully with the Authority and the City with respect to <br />any litigation commenced with respect to the Project. <br />(7) The Developer will cooperate fully with the Authority and the City in resolution <br />of any traffic, parking, trash removal or public safety problems which may arise in connection <br />with the construction and operation of the Project. <br />(8) The Developer will commence construction of the Project no later than <br />September 1, 2004 and barring Unavoidable Delays, the Project will be substantially completed <br />by December 31, 2005. <br />(9) The requirements of the Business Subsidy Law, Minnesota Statutes, Section <br />116J.993 through 116J.995, do not apply to this Agreement because the Developer's investment <br />in the purchase of the Development Property and in site preparation is 70 percent or more of the <br />assessor's 2004 estimated market value.
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