7.0. EDSR 05-11-1998 - Laserfiche WebLink

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Sent by: DRB MINNEAPOLIS 6123405584; 05/07/98 12:54; Jet #801 ;Page 11 /39 S (a) To relocate Developer's business from the Current Site, where the business is a non- conforming use inconsistent with the City's Comprehensive Plan and Zoning Ordinance, to the Development Property; (b) To remedy certain conditions on the Current Site and to bring the use of the Current Site into conformance with the City's Comprehensive Plan and Zoning Ordinance; (c) To make the Current Site marketable for a use which is in conformance with the City's Comprehensive Plan and Zoning Ordinance; and (d) To reimburse the Developer for certain costs in preparing the Development Property for development of the Minimum Improvements. Section 3.2 Public Develop Bent Costs. The Authority agrees that it will reimburse the Developer for costs actually incurred by Developer for soil correction and site preparation necessary for construction of the Minimum Improvements, and for other site improvement costs necessary for completion of the Minimum Improvements (the "Public Development Costs") pursuant to the Tax Increment Financing Plan. The Authority agrees it will reimburse the Developer for Public Development Costs in the principal amount of up to $300,000.00. Section 3.3 Construction and Payment of Public Development Costs. The Developer shall • be solely responsible for all construction included in the Public Development Costs, and for the initial payment of the costs thereof The Authority agrees that it will reimburse Developer for Public Development Costs at such time as Developer has complied with the conditions precedent to reimbursement set forth in Section 3.4 of this Agreement, and has presented to Authority evidence, in such form as Authority may reasonably require, demonstrating that the construction portions of the Public Development Costs have been completed, that the Developer has paid the costs therefor, and that the total costs paid by the Developer toward the Public Development Costs equals or exceeds$300,000.00. lithe total amount of the Public Development Costs is less than $300,000.00, the reimbursement shall be adjusted accordingly, The Authority shall have no obligation to increase its assistance, it being agreed that the maximum amount that Authority is obligated to provide is $300,000.00. Section 3.4 Conditions Precedent to Reimbursement. The Authority's obligation to reimburse the Developer 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; Beck?542664.2 6