HRA PACKET 12102019 - Laserfiche WebLink

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9 623340v3SA730-2 (e) Assignment of Notes. The Authority acknowledges that the Redeveloper may assign one or both Notes to a third party. The Authority consents to such an assignment, conditioned upon receipt of an investment letter from such third party in a form reasonably acceptable to the Authority; provided that an investment letter shall not be required in connection with a collateral assignment of either Note to a lender providing mortgage financing for acquisition of the Redevelopment Property or construction of the Minimum Improvements. (f) Qualifications. The Redeveloper understands and acknowledges that the Authority makes no representations or warranties regarding the amount of Tax Increment, or that revenues pledged to the Notes will be sufficient to pay the principal and interest on the Notes. Any estimates of Tax Increment prepared by the Authority or its municipal advisor in connection with the TIF District or this Agreement are for the benefit of the Authority, and are not intended as representations on which the Redeveloper may rely. Public Redevelopment Costs exceeding the principal amount of either Note are the sole responsibility of Redeveloper. Section 3.4. Business Subsidy. The parties agree and understand that the financial assistance described in this Agreement does not constitute a business subsidy within the meaning of the Business Subsidy Act, because the assistance is for housing, an enumerated exception under Section 116J.993, subd. 3(7) of the Business Subsidy Act. The Redeveloper releases and waives any claim against the Authority and its governing body members, officers, agents, servants and employees thereof arising from application of the Business Subsidy Act to this Agreement, including without limitation any claim that the Authority failed to comply with the Business Subsidy Act with respect to this Agreement. Section 3.5. Payment of Authority Costs. The Redeveloper agrees that it will pay, within 30 days after written notice from the Authority, the reasonable costs of consultants and attorneys retained by the Authority in connection with the establishment of the TIF District, any necessary modification of the TIF Plan for the TIF District, and the negotiation and preparation of this Agreement and other incidental agreements and documents contemplated hereunder, including without limitation agreements and documents related to land conveyance, development and financing assistance. The Authority will provide written reports describing the costs accrued under this Section upon request from the Redeveloper, but not more often than intervals of 45 days. The Authority acknowledges receipt of Redeveloper’s initial deposit of $17,500, which will be credited to the Redeveloper’s obligations under this Section. Upon termination of this Agreement in accordance with its terms, the Redeveloper remains obligated under this section for costs incurred through the effective date of termination. (The remainder of this page is intentionally left blank.)