CC PACKET 04261983 - Laserfiche WebLink

Home Browse Search

"Redevelopment Property" means the property included in the (c) Agency proposes to (i) acquire the Redevelopment Project Area to be conveyed by the Agency to Redeveloper under Property by negotiation or condemnation, (ii) relocate the the terms of this Agreement. existing tenants from the Redevelopment Property; and (iii) sell the Parcels 'to the Redeveloper for redevelopment in "Restrictions" means the easements, covenants, conditions and accordance with the Redevelopment Plan and Proposal. restrictions set forth in Exhibit 2 attached to a Deed. (d) To finance the activities to be undertaken by the "Second Letter of Credit" means a Letter of Credit in the Agency, the Agency proposes to use the proceeds of Bonds and amount of $300,000. pledge tax increments generated by the Project Area to payment of the Bonds. "Section" means a Section of this Agreement, unless used in reference to Minnesota Statutes. (e) Agency makes no representation or warranty that it will successfully acquire all of the Redevelopment Property. Time Table" means the schedule of performance dates-for certain actions by Redeveloper under this Agreement, attached hereto as (f) Agency makes no representation or warranty that Schedule D and made a part hereof. - the Redevelopment Property soils or other conditions are suitable for the intended redevelopment. "Unavoidable Delay" means a failure or delay in.a party's performance of its obligations under this Agreement "or during Section 2.2. By Redeveloper. Redeveloper represents. Grp ne iod sD cified in this Agreement which does no and warrants that: entail the mere enr o�" not wit in a party s reasonable control, including but not limited to acts. of God, (a) Redeveloper is a general partnership duly e other strikes, labor disputes organized under the laws of the State of Minnesota, has power (except disputes w is co, a resarty o ved by using union labor), to enter into this Agreement, and has duly authorized the fire or other casualty, or lack of materials; provided that execution, delivery and performance of this Agreement. within 10 days after a party impaired -by the delay has knowledge of the delay it shall give the other party notice of (b) Redeveloper will construct, operate and maintain the delay and the estimated length of the delay, -and shall give the Minimum Improvements in accordance with the terms of this the other party notice of the actual length of_the:delay.,within Agreement, the Redevelopment Plan, the Act, and all local, 10 days after the cause of the delay has ceased to exist The state and federal laws and regulations, including, but not parties shall pursue with reasonable diligence the avoidance limited to, energy conservation, environmental, zoning, and removal of any such delay. Unavoidable Delay shall not building code and public health laws and regulations, the extend performance of any obligation unless the notices National Environmental Policy Act, the Minnesota Environmental required in this definition are given as herein required. Policy Act, and the Critical Areas Act of 1973. (c) The Minimum Improvements will be constructed so ARTICLE II as to increase the assessed values of the three Phases by the Representations and Warranties incremental amounts set forth in Schedule B-1 attached hereto. Section 2.1. By Agency• Agency makes the following (d) Redeveloper has received no notice, or representations to Redeveloper: communication from any local, state or federal official that the activities of Redeveloper or Agency in the Project Area may (a) Agency is a housing and redevelopment authority be or will be in violation of any environmental law or duly organized and existing under the laws of Minnesota.. Under regulation. .Redeveloper is aware of no.,facts the existence of the provisions of the Act, Agency has the power to enter into I which would cause it to be in violation of any local; state or this Agreement and carry out its obligations hereunder. - ! federal environmental law, regulation or review procedure or which would give any person a valid claim under the Minnesota (b) . The Project is a "redevelopment project"within Environmental Rights Act. the meaning of the Act and was created, adopted and approved in accordance with the terms of the Act. (e) Redeveloper will complete the Minimum Improvements according to the Time Table.. -5- -6-