6.1. EDSR 09-21-2020 - Laserfiche WebLink

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457530v2 SJS EL185-33 3 5.1.5 Development Agreement. The Buyer and the City shall have negotiated, mutually agreed to, and executed, effective not later than the Closing Date, a development agreement relating to the provision of tax increment financing assistance for the proposed project to be constructed on the Property. 5.2.EDA’s Contingencies. 5.2.1.Determination by the EDA after a holding a public hearing required by Minnesota Statutes Section 469.105, subdivision 2 that the sale and conveyance of the Property to the Buyer are in the best interests of the City of Elk River and its people, and that the transaction furthers the EDA’s general plan of economic development. 5.2.2.Tax Increment. The City of Elk River (the “City”) shall have approved the establishment of an economic development tax increment financing district after a public hearing and upon satisfaction of all other conditions required by Minnesota Statutes Sections 469.174 through 469.1794 prior to the Closing Date. 5.2.3.Development Agreement. The Buyer and the City shall have negotiated, mutually agreed to, and executed, effective not later than the Closing Date, a development agreement relating to the provision of tax increment financing assistance for the proposed project to be constructed on the Property. If, on or before the Contingency Date, either party determines that any of their respective contingencies listed in this Section have not been satisfied in their sole discretion, then this Agreement may be terminated by written notice from the party to the other, which notice must give no later than the Contingency Date. If the party does not give written notice of termination on or before the Contingency Date, all of such contingencies will be deemed to have been satisfied and the parties shall proceed to close this transaction in accordance with the terms of this Agreement. All of the contingencies set forth in this Agreement are specifically stated and agreed to be for the sole and exclusive benefit of the respective party and each party shall have the right to unilaterally waive any of its contingencies by written notice to the other party. If this Agreement is terminated by either party in accordance with this Section, the RFSEDA shall return the Buyer’s earnest money to the Buyer and neither party shall have any further rights or obligations regarding this Agreement or the Property. The Buyer may extend the Contingency Date by an additional 60 days by notifying the EDA in writing and depositing into an escrow account held by the Buyer’s title company an additional $5,000 in nonrefundable earnest money prior to the expiration of the original Contingency Date. The nonrefundable earnest money shall be applied to the Purchase Price at Closing. 6.CLOSING. The closing of the purchase and sale contemplated by this Agreement (the “Closing”) shall occur on or before 30 days after the Contingency Date or its extension if such an extension is requested by the Buyer or such other date on which the parties may agree (the “Closing Date”). The EDA agrees to deliver possession of the Property to the Buyer on the Closing Date.