4.2. SR 04-06-1998 - Laserfiche WebLink

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Section 3.2 Public Development Costs. The Authority agrees that it will, through the issuance and payment of the Note, reimburse the Developer for the costs of soil correction and site preparation and other building costs related to the soil conditions on site improvements on the Development Property (the "Public Development Costs"), incurred by the Development Property for development of the Minimum Improvements. The Authority agrees it will reimburse the Developer for its payment of the Public Development Costs in the principal amount of up to $300,000.00, pursuant to the terms of the Note, which shall be in the form attached hereto as Schedule B. (a) The Developer shall be solely responsible for all construction included in the Public Development Costs, and for the initial payment of the cost thereof. The Authority agrees that it will issue the Note at such time as the Developer presents to the Authority evidence in such form as the Authority may reasonably require, demonstrating that the construction portions of the Public Development Costs have been completed, that the Developer has paid the costs thereof, and that the total costs paid by the Developer toward the Public Redevelopment Costs equals or exceeds $300,000.00. If the total amount of the Public Development Costs is less than $300,000.00, the principal amount of the Note shall be adjusted accordingly. The Authority shall have no obligation to increase its assistance, it being agreed that the maximum amount that the Authority is obligated to provide, through the issuance of the Note, is $300,000.00. Section 3.3 Issuance of Note. The Authority's reimbursement of the Developer for its payment of the Public Development Costs shall be through the issuance of the Note, which shall occur at the time stated in Section 3.2 of this Agreement. The Note shall be in the form of the Note attached to this Agreement as Schedule B, with all blanks properly filled in and with the payment schedule attached thereto adjusted to take into account the actual date of issuance. The Note shall be dated as of Section 3.4 Conditions Precedent to Issuance of Note. The Authority's obligation to issue the Note shall be subject to satisfaction of all of the following conditions precedent: (a) No Event of Default shall have occurred and be continuing under this Agreement; (b) The Developer shall have obtained all governmental approvals that must be obtained in order to permit the construction and operation of the Minimum Improvements; (c) The Developer shall have closed on financing sufficient for construction of the Minimum Improvements; (d) The Developer shall have provided to the Authority evidence that it has paid the Public Redevelopment Costs as described in Section 3.2 of this Agreement; (e) The Developer shall provide to the Authority evidence that it has complied with Minnesota Statutes, Section 469.176 Subdivision 4c(a), as defined below: Subd 4c. Economic development districts. (a) Revenue derived from tax increment from an economic develoi~ment district may not be used to larovide imIarovement& BeckP 548664.1 6