Agenda Packets - 1987/12/14 - Laserfiche WebLink

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ARTICLE U Representations and Warranties Section 2.1 Representations by the City. The City makes the following representations as the basis for the undertaking on its part herein containeds (a) The City Is a home rule city duly organized and existing under the laws of the State. Under the provisions of its charter and the Act, the City has . the power to enter Into this Agreement and carry out Its obligations hereunder. (b) The City has created, adopted and approved the Development District In accordance with the terms of the Act. (c) The City has created, adopted, certified, and approved the Tax increment District pursuant to the Tax Increment Act. (d) The City proposes to (1) acquire the Redevelopment Property and to convey the Redevelopment Property to the Redeveloper for ::oes In accordance with the Plan ane this Agreement, and (it) construct or cause to be constructed the Public improvements. (e) To finance the costs of the activities to be undertaken by the City, the City proposes to use the proceeds of Bonds Issued by the City, together with interest earnings thereon, and to pledge tax increment generated by the Redevelopment Property to the payment of the principal of and interest on the Bonds. (f) The City will cooperate with the Redeveloper with respect to any litigation commenced by third parties in connection with this Agreement. Section 2.2. Representations and Warranties by the Redeveloper. The Redeveloper represents and warrants that: (a) In the event the Redevelopment Property is conveyed to the Rede- veloper, then the Redeveloper will construct, operate and maintain the Minimum Improvements in accordance with the terms of this Agreement, the Developer's Agreement, the Plan and all local, state and federal laws and regulations (including, but not limited to, environmental, zoning, building code and public health laws and regulations), except for variances necessary to construct the improvements contemplated in the Construction Plans approved by the City. (b) The Minimum improvements, as of the date hereof, constitute an allowed use under the zoning ordinance of the City. (c) At such time or times as will be required by law, the Redeveloper will have complied with all applicable local, state and federal environmental laws and regulations, and will have ;btained any and all necessary environmental reviews, licenses or clearances under (anj is in compliance with the requirements of) the National Environmental Policy Act of 1969, the Minnesota Environmental Policy Act, and the Critical Areas Act of 1973. As of the date of execution of this Agreement, the Redeveloper has received no notice or communication from any