CC PACKET 09261989 - Laserfiche WebLink

Home Browse Search

• ARTICLE 2 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) The Tax Increment District is a "tax increment district" within the meaning of the Tax Increment Act and was created, adopted and approved in accordance. with the terms of the Tax Increment Act . (d) The Soil Corrections constitute public redevelopment costs as defined in Minnesota Statutes, Section .469 . 033 , which are permitted to be paid from Tax. Increment , pursuant to Minnesota Statutes, Section 469 . 176, subdivision 4b. The HRA proposes to financially assist Redeveloper by reimbursing all or a portion of the Redeveloper ' s costs for the Soil Corrections from proceeds of the Note . (e) HRA makes no representation or warranty that the 'Redevelopment Property soils or other conditions are suitable for the intended redevelopment after the Soil Corrections are completed. Section 2 .2 . By Redeveloper . Redeveloper represents and warrants that : - (a) Redeveloper is a corporation duly organized under the laws of the State, has power to enter into this Agreement , and has duly authorized the execution, delivery and performance of this Agreement . (b) Redeveloper will , subject to Unavaoidable Delays , 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) It is anticipated that the Minimum Improvements will be constructed .so as to have an Gross Tax Capacity of at least $57, 499 . -5-