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(e) The City makes no warranties or representations regarding the amount or availability <br />of the Abatements. <br />(f) In accordance with Section 469.1813, subdivision 8 of the Abatement Act, in no <br />case shall the Abatement, together with all other abatements approved by the City under the <br />Abatement Act and paid in any one year exceed the greater of 10% of the City’s net tax capacity for <br />that year or $200,000. <br />4. Approval of MIF. The City Council hereby accepts the MIF Grant in the amount <br />awarded by DEED and, subject to approval by DEED of the City’s application for the MIF Grant, <br />hereby approves (i) entering into the Grant Agreement with DEED, (ii) entering into the MIF Loan <br />Agreement with the Developer, and (iii) loaning the proceeds of the MIF Grant pursuant to the MIF <br />Loan Agreement and any related documents referred to therein or necessary in connection <br />therewith. <br />5. Execution of Documents. The City Council hereby approves (i) the Abatement <br />Agreement, (ii) subject to approval by DEED of the City’s application for the MIF Grant, the <br />MIF Loan Agreement and the Grant Agreement, and (iii) any related documents referred to <br />therein or necessary in connection therewith (collectively, the “Documents”). The Mayor and <br />City Administrator are hereby authorized and directed to execute the Documents to which the <br />City is a party, on behalf of the City, and to carry out, on behalf of the City, the City’s <br />obligations thereunder. In the event of absence or disability of such officers, any of the <br />Documents authorized by this Resolution to be executed may be executed without further act or <br />authorization of the Council by any duly designated acting official, or by such other officer or <br />officers of the City as, in the opinion of the City Attorney, may act in their behalf. <br />6. Finalizing Documents. The approval hereby given to the Documents includes <br />approval of such additional details therein as may be necessary and appropriate and such <br />modifications thereof, deletions therefrom and additions thereto as may be necessary and <br />appropriate and approved by legal counsel to the City and by the officers authorized herein to <br />execute said Documents prior to their execution; and said officers are hereby authorized to <br />approve said changes on behalf of the City. The execution of any instrument by the appropriate <br />officers of the City herein authorized shall be conclusive evidence of the approval of such <br />Document in accordance with the terms hereof. <br />7. Conflicting Provisions. In the event of a conflict between the content of this <br />resolution and the Documents, the terms of the Documents shall prevail. <br />8. Effective Date. This resolution is effective upon execution in full of the Abatement <br />Agreement. <br /> <br /> APPROVED BY THE CITY COUNCIL OF THE CITY OF ARDEN HILLS ON <br />THIS 11TH DAY OF APRIL, 2016. <br /> <br /> <br /> David Grant, Mayor <br />ATTEST: <br /> <br /> <br />Amy Dietl, City Clerk