7.3 SR 03-01-2021 - Laserfiche WebLink

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tax -payable year (the "Statutory Cap"), all pursuant to Section 469.1813, Subdivision 8 of the Abatement Act. The City has previously granted abatement under the Abatement Act for other projects in the City. The City reasonably expects that the Statutory Cap will not cause the Tax Abatements under this Agreement to be reduced; however, Developer acknowledges that, during the term of the Tax Abatement under this Section, if the total abatements payable by the City under the Tax Abatement Act in any year would exceed the Statutory Cap, the Statutory Cap is allocated first to the City's existing abatement obligations, second to the Tax Abatements payable under this Agreement, and third to any other abatements granted after the date of this Agreement. Section 3.10. Legal and Administrative Expenses. The Developer shall be solely responsible for all costs incurred by the Developer. In addition, the Developer shall be responsible for the City's Legal and Administrative Expenses. In addition, certain engineering, environmental advisor, legal, land use, zoning, subdivision and other costs related to the development of the Tax Abatement Property are required to be paid, or additional funds deposited in escrow, in accordance with the City's fee schedule. The Developer has previously deposited $10,000 with the City for the payment or reimbursement of the City's reasonable Legal and Administrative Expenses incurred prior to the full execution and acceptance of this Agreement. If at any time the City determines that the amount deposited by Developer will be insufficient to pay the City's Legal and Administrative Expenses, the City may notify the Developer in writing as to any additional amount required to be deposited. The Developer must deposit such additional funds within 10 business days after receipt of the City's notice. The City will notify the Developer at any point when it has received invoices for Legal and Administrative Expenses equal, in aggregate, to $10,000 and the Developer shall notify the City whether it is willing to incur additional Legal and Administrative Expenses. If the Developer fails to notify the City of its willingness to continue to incur additional Legal and Administrative Expenses within 10 days, the City will instruct all Legal and Administrative Expenses service providers to discontinue further work and submit final invoices which the Developer shall reimburse the City for reasonable Legal and Administrative Expenses within 10 business days after receipt of the City's notice even if the remaining Legal and Administrative Expenses exceed $10,000 as a result of work done prior to the notification to discontinue work. Any funds deposited by Developer and not expended by the City for its Legal and Administrative Expenses will be returned to the Developer upon the issuance of the Certificate of Completion. This Section 3.10 shall survive termination of this Agreement and shall be binding on the Developer regardless of the enforceability of any other provision of this Agreement. 10 LL185\31\703544.v1