7.0. EDSR 05-11-1998 - Laserfiche WebLink

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Sent by: DRB MINNEAPOLIS 6123405584; 05/07/98 12:55; Jew #801 ;Page 12/39 • (d) The Developer shall have completed construction of the Minimum Improvements sufficiently to have obtained a certificate of occupancy for the Minimum Improvements. (e) The Developer shall have submitted evidence to Authority that Developer has actually paid for reimbursable Public Development Costs in an amount equal to or in excess of the reimbursement sought. (f) 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 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 c f 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 ten (10) days written notice to the other party of its intention to do. Upon such termination,neither the Authority nor the Developer shall have any obligation or liability to the other hereunder; provided, that the Authority and the Developer shall execute a recordable instrument canceling this Agreement. Section 3.5 Conditions Subsequent to Reimburs meat. The Authority's obligation to reimburse the Developer for its payment of the Public Development Costs described in Section 3.2 shall be subject to satisfaction of the following conditions subsequent: (a) The Minimum Improvements to the Development Property, excluding landscaping improvements, shall be completed, in accordance with the Construction PIans submitted and approved by the City, on or before January 1, 1999. All landscaping improvements shall be completed, in accordance with the Construction Plans, on or before June 1, 1999. 411 (b) The Minimum Improvements shall be maintained in a manner consistent with applicable building code, zoning ordinance and landscape standards, as determined by the City Planner, City Engineer and City Building Official. Beck?548664.2 7