5.0. EDSR 03-09-1998 - Laserfiche WebLink

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• (c) The Redeveloper shall have closed on financing sufficient for construction of the Minimum Improvements; (d) The Redeveloper 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 Redeveloper shall provide to the Authority evidence that it has complied with Minnesota Statutes Section 469.176 Subdivision 4c as defined below: Subd. 4c.Economic development districts. (a) Revenue derived from tax increment from an economic development district may not be used to provide improvements, loans, subsidies, grants, interest rate subsidies, or assistance in any form to developments consisting of buildings and ancillary facilities, if more than 15 percent of the buildings and facilities (determined on the basis of square footage) are used for a purpose other than: (1) The manufacturing or production of tangible personal property, including processing resulting in the change in condition of the property; (2) warehousing, storage, and distribution of tangible personal property, excluding retail sales; (3) research and development related to the activities listed in clause (1) or (2); • (4) telemarketing if that activity is the exclusive use of the property; (5) tourism facilities; or (6) space necessary for and related to the activities listed in clause (1) to (5). In the event that all of the above conditions precedent have not been satisfied, or waived in writing by the Authority, by December 31, 1998, either party hereto may terminate this Agreement upon the giving of 10 days written notice to the other party of its intention to do. Upon such termination, neither the Authority nor the Redeveloper shall have any obligation or liability to the other hereunder; provided, that the Authority and the Redeveloper shall execute a recordable instrument canceling this Agreement. w 9