Laserfiche WebLink
If the Assessments as reduced by the Construction Credit and the Jobs Credit are less than zero, <br /> the Developer shall not be entitled to any payment from the City. <br /> (d) The Developer shall provide within ten (10) days of request by the City all <br /> documentation requested by the Authority to determine the amount of the Assessments that may <br /> be due under this Section. The City will, to the extent permitted by law, maintain the <br /> confidentiality of all information provided to the City under this subsection. <br /> (e) At any time prior to 1, 2006, the Developer may prepay the <br /> amount of the Assessments that are due at such time based on documentation provided to the <br /> City by the Developer as to the amount of the Jobs Credit and the Construction Credit to which <br /> the Developer is entitled at such time. The Developer's right to prepay the Assessments or seek <br /> a determination that no Assessments are payable shall be subject,however, to the conditions that <br /> (i) the Developer shall have completed construction of the Improvements as evidenced by the <br /> City's delivery of a certificate of occupancy, including all site improvements or, if items cannot <br /> be completed due to weather conditions, the Developer has established an escrow acceptable to <br /> the City to guarantee the completion of such unfinished items; and (ii) no uncured Event of <br /> Default shall have occurred under this Agreement. Upon such prepayment or upon the <br /> Developer's demonstration to the City that no amount of the Assessments is due, the City will <br /> execute a certification in recordable form certifying that the Assessments have been paid in full <br /> and discharged as a lien from the Property. Notwithstanding the full or partial termination of the <br /> Assessments that may be due under this Agreement, such payment shall not terminate or reduce <br /> the Developer's obligations, including possible repayment obligations, under the Business <br /> Subsidy Agreement. <br /> Section 3.9. Business Subsidy Agreement. The financial assistance being provided to the <br /> Developer by the City under this Agreement constitutes a "subsidy" within the meaning of <br /> Minnesota Statutes, sections 116J.993 to 116J.995. Therefore, at the time of closing on the <br /> conveyance of the Property to the Developer by the City, the City and the Developer shall enter <br /> into the Business Subsidy Agreement to satisfy the requirements under said statutory provisions. <br /> The repayment obligations set forth in the Business Subsidy Agreement are mandated by State <br /> law and are separate and distinct from the obligations of the Developer under this Agreement. <br /> Therefore, the Developer's repayment obligations under the Business Subsidy Agreement shall <br /> not be satisfied in whole or in part by any Construction Credit or Jobs Credit that the Developer <br /> may have earned under this Agreement. <br /> Section 3.10. City Costs. The Developer shall pay all of the City's out-of-pocket costs <br /> paid or payable by the City to attorneys or consultants in connection with the negotiation and <br /> preparation of this Agreement and related documents, financial reviews of this transaction,and <br /> the conveyance of the Property, including closing and recording costs. The City estimates that <br /> such costs will be approximately $1,000.00 and agrees that the maximum costs for which the <br /> Developer will be liable relative to the negotiation and preparation of this Agreement shall be <br /> $800.00. <br /> 10 <br />