CCP 01-25-1993 - Laserfiche WebLink

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-, . . Honorable Mayor and Members of the City Council City of Arden Hills 1450 West Highway 96 Arden Hills, MN 55112 RE: Application of Cottage Villas of Arden Hills for Tax Increment Financing of a Project Mayor and Members of the City Council: This Letter of Agreement is given by John Arkell as partner of Cottage Villas of Arden Hills a limited partnership organized under the laws of the State of Minnesota (the "Applicant") in connection with the review and consideraticn of Tax Increment Financing for the Cottage Villas of Arden Hills (the "Project"). In consideration, the Applicant hereby covenants and agrees as foilows: 1. Consultinq Services. Tile City shall have the right to employ legal counsel, bond counsel, accounting, real estate, financial, engineering, architectural and other consultants to review the profjosed Project and all proposed financing therefor in accordance with the Poiicy Statement (the "Policy Staiement") attached to this letter. . ~ Other Costs and Expenses. The City shall also have the right to allocate and .::. charge to the proposed Project costs and expensos for photocopies, publications, postage and other similar items rendered or incurred with respect thereto. 3. Payment of Costs. The Applicant shall pay all costs, expenses and consulting services incurred by the City with respect to the Project and the issuance of Tax Increment Obligations to finance all or part of the cost thereof, including but not Iim!ted to costs and expenses of the types enumerated in paragraphs 1 and 2, whether or not the Project is approved and constructed or the City issues Tax lncrer."!en! Ob!1G~ti0r!S ~he~~f~r. -~-ha App!lccnt Sl:bmi~s n;n::with a. che~~: in thr; amount of $2,500, the proceeds of which may be deposited i., a savings accou,.,t by the City and used and disbursed by the City to pay such costs, expenses and consulting services when due. Upon completion of consideration of the Project or the issuance of Tax Increment Obligations therefor, all such costs, exp~nses <.;'ld consulting services not othervVise paid shall be oaid from such deposit by the City and any unexpended balance of such deposit shall be returned to the Applicant. The fees advanced by the Applicant and expended for costs, expenses and consulting services may be reimbursed in accordance with the Policy Statement. 4. Termination of Consideration. The City shall h::::,e the right at any Time pric~ tc the adoption of a r8solution approvi'lg the documents pursuant to which Revenue Obligations are to be issued and treir issuance, to terminate its consideration of . Applicant's Proji3ct and the issuance of Tax Increment Obligations to finance the cost thereof, wittlOut any liability of the City, its officers, employees and agents.