CC PACKET 07121988 - Laserfiche WebLink

Home Browse Search

• ARTICLE II Representations and warranties Section 2 . 1 . By HRA. HRA makes the following representations to Redeveloper: (a) HRA is a housing and redevelopment authority duly organized and existing under the laws of Minnesota . Under the provisions of the Act, HRA has the power to enter into this Agreement and carry out its obligations hereunder. (b) The Project is a "redevelopment project" within the meaning of the Act and was created, adopted and approved in accordance with the terms of the Act . (c) HRA proposes to (i) acquire the Redevelopment Property by negotiation or condemnation, -- ( ii) relocate the existing tenants from the Redevelopment Property; and (iii) sell the Redevelopment Property to the Redeveloper for redevelopment in accordance with the Redevelopment Plan and Proposal . (d) To finance the activities to be undertaken by the HRA, the HRA proposes to use the proceeds of Bonds and pledge tax increments generated by the Project Area to payment of the Bonds . (e) HRA makes no representation or warranty that it will successfully acquire all of the Redevelopment Property. (f) HRA makes no representation or warranty that the Redevelopment Property soils or other conditions are suitable for the intended redevelopment . Section 2 . 2 . By Redeveloper . Redeveloper represents and warrants that : (a) Redeveloper is a limited partnership duly organized under the laws of the State of Minnesota , has power to enter into this Agreement, and has duly authorized the execution, delivery and performance o.f this Agreement . (b) Redeveloper will construct, operate and maintain the Minimum Improvements in accordance with the terms of this Agreement, the Redevelopment Plan, the Act, and all local, state and federal laws and regulations . (c) The Minimum Improvements will be constructed so as to have an Assessed Value of at least $5, 700, 000 . • -6-