8.1 SR 05-17-2021 - Laserfiche WebLink

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TIF Plan means the tax increment financing plan approved for the TIF District; Total Development Costs means all Construction Costs and any other costs of the development of the Project to be incurred by the Developer; and Unavoidable Delays means delays, outside the control of the party claiming their occurrence, which are the direct result of strikes, other labor troubles, unusually severe or prolonged bad weather, acts of God, pandemic, acts of war or terrorism, fire or other casualty to the Project, litigation commenced by third parties which, by injunction or other similar judicial action or by the exercise of reasonable discretion, directly results in delays, or acts of any federal, state or local governmental unit (other than the City) which directly result in delays, acts of the public enemy or acts of terrorism and discovery of unknown hazardous materials or other concealed site conditions or delays of contractors due to such discovery. ARTICLE II REPRESENTATIONS AND WARRANTIES Section 2.1. Representations and Warranties of the City. The City makes the following representations and warranties: (1) The City is a municipal corporation and political subdivision duly organized and existing under the Constitution and laws of the State and has the power to enter into this Agreement and carry out its obligations hereunder. (2) The City has taken the actions necessary to establish the TIF District as a “redevelopment district” within the meaning of Minnesota Statutes, Section 469.174, Subdivision 10. (3) The development contemplated by this Agreement is in conformance with the development objectives set forth in the Development Program and the TIF Plan. (4) The City makes no representation or warranty, either express or implied, as to the Development Property or its condition, or that the Development Property shall be suitable for the Developer’s purposes or needs. (5) No member of the City Council or other officer of the City, has either a direct or indirect financial interest in this Agreement, nor will any member of the City Council, or other officer of the City, benefit financially from this Agreement within the meaning of Minnesota Statutes, Sections 412.311 and 471.87. Section 2.2. Representations and Warranties of the Developer. The Developer makes the following representations and warranties: (1) The Developer is a ________ limited liability company duly and validly organized and existing in good standing under the laws of the State of ________, is qualified to do business 5 EL185-50-718703.v2