7.5 SR 06-17-2024 - Laserfiche WebLink

Home Browse Search

local, state, and federal laws and regulations which must be obtained or met before the Project may be lawfully constructed. (f) The construction of the Project would not be undertaken by the Developer, and in the opinion of the Developer, would not be economically feasible within the reasonably foreseeable future, without the assistance and benefit provided for in this Agreement. (g) The Developer will reasonably cooperate with the City with respect to any litigation commenced with respect to the Project; provided, however, that neither the Developer nor the Company shall be obligated to settle any litigation to which it is a parry unless it approves such settlement in its sole discretion. (h) The financing commitments which the Developer and the Company have obtained to finance construction of the Project, together with the equity funds available to the Developer and the Company, together with financing provided by the City pursuant to this Agreement and the Purchase Price Note will be sufficient to enable the Developer and the Company to successfully complete the Project. (1) The Developer will reasonably cooperate with the City in resolving any traffic, parking, trash removal or public safety problems which may arise in connection with the construction of the Project. (j) The Developer understands that the City may subsidize or encourage the development of other developments in the City, including properties that compete with the Development Property and the Project, and that such subsidies may be more favorable than the terms of this Agreement, and that City has not represented that development of the Development Property will be favored over the development of other properties. (k) The Developer is not currently in default under any business subsidy agreement with any grantor, as such terms are defined in the Business Subsidy Act. (1) The Developer did not obtain a building permit for any portion of the Project or for any other improvements on the Development Property not included in the calculation of the original tax capacity before the date of original approval of the TIF Plan by the City. (m) The total development costs of the Project are estimated to be approximately $ , and the sources of revenue to pay such costs are approximately $ , excluding the Purchase Price Note and the Energy Rebate, and the Developer has been unable to obtain additional private financing for the total development costs. (n) The proposed Project hereunder would not occur but for the Purchase Price Note and the Energy Rebate being provided by the City hereunder. (o) The Developer represents that the Company is moving its current warehouse operations from Ramsey, Minnesota and consolidating its existing facility in the City to the Development Property due to challenges related to expanding at its existing site in Ramsey. The Developer represents that the Project will result in a net increase in jobs in the State. Section 2.3 Representations and Warranties of the Company. The Company makes the following representations, warranties and covenants: (a) The Company is a Minnesota corporation duly organized and in good standing under the 7 EL185\77\951254.v6 Page 303 of 372