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XXXtV WESTWOOD PLANNING & ENGINEERING COMPANY <br /> AGENDA May 24, 1983 <br /> St. Anthony HRA Commissioners <br /> 3301 Silver Lake Road N.E. <br /> St. Anthony, MN <br /> Subj: Redeveloper's Agreement <br /> Dear Commissioners: <br /> On Monday, we expect to have a Redeveloper's Agreement signed by Arkell Develop- <br /> ment and Kraus-Anderson Real Estate. This agreement commits the redeveloper <br /> to develop a three phase project in accord with their proposal. In summary, <br /> the Redeveloper's Agreement provides the following: <br /> 1. That the HRA acquire the property, relocate the existing tenants, and <br /> sell the property to the redeveloper in phases. <br /> 2. That the .HRA use tax increment financing or other funds to pay for the <br /> property. <br /> 3. That the HRA does not represent that it would successfully acquire the <br /> property and may withdraw if it is not successful in acquiring the <br /> • property. <br /> 4. That the redeveloper construct the improvements as per the proposal. <br /> 5. That the real estate taxes, on or before the date of closing of the sale <br /> and special assessments be pro-rated. <br /> 6. That the redeveloper provide a $400,000 Letter of Credit for security in <br /> performing their obligations. This Letter of Credit will consist of <br /> $100,000 at the signing of the Redevelopment Contract, $300,000 when <br /> bonds are sold, and will reduce to $360,000 after the completion of <br /> Phase I. <br /> 7. That the agency deliver to the redeveloper the Redevelopment Deed at <br /> closing. This deed has certain restrictions in it and can revert to the HRA <br /> until a Certificate of Completion is issued by the HRA when the project <br /> is completed. <br /> B. That the HRA not proceed with the acquisitions of Phases II and III until <br /> given written notice by the redeveloper, provided that the redeveloper <br /> must give written notice before December 31, 1984. <br /> 9. That the redeveloper agree , with some limitations, to pay 25°0 of any tax <br /> increment shortfalls in any given year. <br /> 10. That the redeveloper provide insurance in the form of Builder's Risk, <br /> Comprehensive General Public Liability, Workmen's Comprehensive and <br /> Contracts Liability Insurance. <br /> 7415 WAYZATA BOULEVARD, MINNEAPOLIS, MINNESOTA 55426 (612) 54 6-0155 <br />