5.0. 6.0. 7.0. EDSR 07-12-1999 - Laserfiche WebLink

Home Browse Search

FROM GRAY PLANT MOOTY MOOTY & BENNETT (#3) (FRI) 7. 9' 99 9:38/ST. 9:28/NO, 4261218754 P 22 Priority#7: Dcbt Service Reserve Requirement • (b) Redeveloper shall be paid pursuant to the Note following payment of the above identified Priority Items. (c) Any Tax Increment remaining following payment of the Priority Items and payment to the Redeveloper under this note shall be applied to such qualified public improvement costs as Authority shall determine. ARTICLE IV. Construction of Minimum Improvements Section 4.1 Construction of Minimum Improvements. (a) The Redeveloper agrees that it will construct the Minimum Improvements on the Redevelopment Property and the Business Park Property and will maintain, preserve and keep the Minimum Improvements or cause the Minimum Improvements to be maintained, preserved and kept with the appurtenances and every part and parcel thereof, in good repair and condition. (b) At the time of execution of this Agreement Redeveloper and Authority have entered into a Job Performance Agreement with respect to the Shopping Center Project, as required pursuant to Minnesota Statutes, Section 1161991, the terms of which are incorporated herein and made a part hereof by reference. Section 4.2 Commencement and Completion of Construction_ Subject to Unavoidable Delays, Redeveloper shall commence construction of the Initial Improvements within thirty (30) days after approval of a building permit by the City. Subject to Unavoidable Delays, Redeveloper shall complete the construction of the Initial Improvements by December 31,2000. Redeveloper agrees for itself,its successors and assigns, and every successor in interest to the Redevelopment Property and the Business Park Property, or any part thereof, that Redeveloper, and its successors and assigns, shall promptly begin and diligently prosecute to completion the development of thc Redevelopment Property and the Business Park Property through the construction of the Minimum Improvements thereon, and that such construction shall in any event be commenced and completed within the period specified in this Agreement, subject to Unavoidable Delays and/or mutual agreement of the parties hereto. Section 4.3 Certificate of Completion. (a) Promptly after completion of the Initial Improvements in accordance with the provisions of this Agreement, and upon written request made to Authority, Authority will execute the Certificate of Completion in the form attached hereto as Exhibit C, which shall then be a conclusive determination of satisfaction and termination of the agreements and covenants in this Agreement with respect to the completion of the Initial Improvements. The following shall • be conditions precedent to the Authority's obligation to execute the Certificate of Completion: -18-