8.0. EDSR 04-08-1996 - Laserfiche WebLink

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WHEREAS, the 1998 real estate tax year is the first year Developer is eligible for a • reimbursement payment, based on the January 2, 1997, value of the Project; NOW, THEREFORE, BE IT RESOLVED that the City, the EDA and the Developer agree on the following terms and conditions for reimbursement of the Land Write Down: 1. The EDA hereby pledges the Tax Increment it receives from the TIF District to the City of Elk River to enable the City to reimburse Developer for the Land Write Down identified in the TIF Plan. 2. Payments shall be made by the City to Developer, in a total amount not to exceed the Land Write Down, pursuant to the terms of the Note attached as Exhibit A to this Agreement (the "Note"). 3. The sole source of funds for payment of the City's obligations under the Note shall be the tax increment generated by the TIF District. If taxes are not paid, or taxes paid are not sufficient to generate tax increment, no payment on the Note shall be due from the City. 4. The annual tax increment payment will be determined by the City's Assistant City Administrator, and will take into consideration the original net tax capacity of the Development Site prior to the construction of the Project. 5. If Developer fails to make real estate tax payments prior to the date when said taxes are • due to Sherburne County, an Event of Default under this Agreement shall exist. No payments shall be made to Developer under the terms of the Note if an Event of Default occurs, and payments shall not be resumed until the Default is remedied. The Default shall be deemed remedied upon evidence of receipt of payment in full for real estate taxes from Sherburne County. 6. After reimbursing Developer for the principal sum of the Land Write Down, no further payments shall be due under this Agreement and the City shall request that Sherburne County decertify the TIF District. 7. Developer shall complete construction of the Project by December 31, 1996. Failure to complete construction of the Project by this date shall be an Event of Default under this Agreement and City and EDA shall have the right to terminate this Agreement and their obligations hereunder. 8. Developer shall, prior to January 2, 1997, provide City with evidence acceptable to City of Developer's expenditures for Development Site acquisition costs. 9. Pursuant to Minnesota Statutes, Section 116J.991, City and EDA have established, and Developer has agreed, to the following Job Creation and Wage Level Goals: Job Creation: 12 new jobs Wage Level: • PXB 100445 2