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1 ESTABLISHMENT OF TAX INCREMENT FINANCING DISTRICT • <br /> 2 NO. 2., RAMSEY COUNTY, AND REQUESTING <br /> 3 THE APPROVAL OF THE CITY COUNCIL <br /> 4 Motion carried unanimously. <br /> 5 Redevelopment Agreement <br /> 6 Mr. Newman promised that the schedules providing the legal description <br /> 7 of the .project property and improvements to the property as well as the <br /> 8 Timetable for Completion of the Project would be provided the next day. <br /> 9 He explained that the reason they weren't ready that evening was because <br /> 10 he and Mr. Nedegaard had just returned that afternoon from Charleston, <br /> 11 South Carolina where Mr. Nedegaard is also the developer of a 400 unit <br /> 12 housing development which was severely damaged by Hurricane Hugo. The <br /> 13 Attorney indicated, however, that the soil corrections on the project <br /> 14 would be commenced the following Friday and much of the work completed <br /> 15 this fall. He promised that the balance of the work would be completed <br /> 16 by June 1, 1990 and that the entire project would be -completed by <br /> 17 December 31, 1990. He also assured Councilmember Makowske that portions <br /> 18 of the project would be completed before December. <br /> 19 Mr. Nedegaard indicated the insurance and liability documents had been <br /> 20 sent to Norwest Bank and copies would be provided for the City as well <br /> 21 as the Declaration of Covenants and Restrictions for Exhibit B. <br /> 22 Motion by Marks, seconded by Makowske to authorize the execution of the • <br /> 23 Redevelopment Agreement with Nedegaard Construction Company, Inc. <br /> 24 subject to the inclusion of all necessary schedules and exhibits to be <br /> 25 reviewed by the H.R.A. Attorney. <br /> 26 Motion carried unanimously. <br /> 27 Indemnity Agreement <br /> 28 The H.R.A. Attorney indicated that the construction company which is the <br /> 29 developer and Mr Nedegaard, personally would indemnify the City and the <br /> 30 H.R.A. against any claims related to the Agreement. <br /> 31 Motion by Marks, seconded by Ranallo to approve execution of the <br /> 32 Indemnity Agreement with correct spelling of the City name. <br /> 33 Motion carried unanimously. <br /> 34 Tax Increment Revenue Note <br /> 35 Mr. Soth affirmed that the signature copies to be executed that evening <br /> 36 contained the amount of $267 ,000.00 to be held by Norwest Bank and paid <br /> 37 out for soil corrections as tax increments come in from the project. <br /> 38 The number of the Resolution was changed to 89-005. <br /> 39 Motion by Marks, seconded by Enrooth to adopt H.R.A. Resolution 89-005. • <br /> 2 <br />