RES 19-093 APPROVING CONTRACT FOR PRIVATE REDEVELOPMENT WITH DORAN SLV, LLC.

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ARTICLE III Property Acquisition; Public Redevelopment Costs Section 3.1. Status of Redevelopment Property. The Redevelopment Property consists of the parcel legally described in Schedule A hereof. As of the date of this Agreement, the Redeveloper is under contract to acquire fee title to the Redevelopment Property. The Redeveloper acknowledges that the Authority has no obligation to acquire any of the Redevelopment Property. Section 3.2. Environmental Undertakings. (a) The Redeveloper acknowledges that the Authority makes no representations or warranties as to soil and environmental condition on the Redevelopment Property or the fitness of the Redevelopment Property for construction of the Minimum Improvements or any other purpose for which the Redeveloper may make use of such property, and that the assistance provided to the Redeveloper under this Agreement neither implies any responsibility by the Authority for any contamination of the Redevelopment Property or poor soil conditions nor imposes any obligation on the Authority to participate in any cleanup of the Redevelopment Property and/or correction of any soil problems (other than the financing described in this agreement). (b) Without limiting its obligations under Section 8.3 of this Agreement the Redeveloper further agrees that it will indemnify, defend, and hold harmless the Authority, the City, and their governing body members, officers, and employees, from any claims or actions arising out of the presence, if any, of hazardous wastes or pollutants existing on or in the Redevelopment Property unless and to the extent that such hazardous wastes or pollutants are present as a result of the actions or omissions of the indemnitees. Nothing in this section will be construed to limit or affect any limitations on liability of the City or Authority under State or federal law, including without limitation Minnesota Statutes Sections 466.04 and 604.02. Section 3.3. Issuance of Note; Other Assistance. (a) Generally. The Authority and City have determined that, in order to make development of the Minimum Improvements financially feasible, it is necessary to reimburse Redeveloper for a portion of the cost of demolition, site preparation, retaining wall construction, utilities, and underground structured parking (the "Public Redevelopment Costs"), subject to the terms of this Section. (b) Upfront Assistance. To reimburse the demolition portion of the Public Redevelopment Costs incurred by Redeveloper, the Authority shall provide the Redeveloper with a single payment of $600,000 (the "Demolition Payment") upon Redeveloper having delivered to the Authority one or more certificates signed by the Redeveloper's duly authorized representative, together with reasonable evidence that at least $600,000 in costs for demolition have been paid or incurred by or on behalf of the Redeveloper. The Authority may, if not satisfied with the evidence provided by Redeveloper, return such evidence with a statement of the reasons why it is not acceptable and requesting such further documentation or clarification as the Authority may reasonably require. Promptly upon delivery by the Redeveloper to the Authority of such further 7 623340v3SA730-2