CCP 07-21-1997 - Laserfiche WebLink

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I clear defects in the title to the Authority Acquisition Property. The cost of obtaining the title I .. insurance commitment and the cost of title insurance shall be bome by the Redeveloper. (b) The Authority's obligations under this Agreement are conditioned on the Redeveloper having acquired fee title to the Redevelopment Property, other than the Authority I Acquisition Property. Therefore, prior to the ALlthority being obligated to convey the Authority Acquisition Property to the Redeveloper and prior to the Authority's commencement of the Public Improvements, the Redeveloper shall provide to the Authority evidence in such form as I the Authority shall require demonstrating that the Redeveloper has acquired fee title to the Redevelopment Property, other than the Authority Acquisition Property, and that such title is I subject to no defects or encumbrances other than those that the Authority may approve. Section 3.5. Public Improvements. (a) In addition to the Authority's acquisition and I conveyance of the Authority Acquisition Property, the Authority will pay the cost of certain public improvements necessary to permit the development of the Minimum Improvements. The Public Improvements are more specifically described Schedule B to this Agreement and consist I generally of the installation of roads, utilities, landscaping, storm water and water line relocation. (b) The Phase I Public Improvements consist of the construction of a new road (14th I Street) and the reconstmction of the public utilities serving all Phases of the Minimum Improvements. Subject to Unavoidable Delays, the Phase I Public Improvements will be commenced by , 1997, and will be completed by , 1997. The .. Phase I Public Improvements will be constructed pursuant to plans and specifications prepared by the Authority or the City in accordance with City construction requirements. The Phase I Public Improvements will be undertaken as a public improvement project pursuant to Minnesota I Statutes, Chapter 429, as is described in Section 3.6 of this Agreement. (c) The Phase II Public Improvements consist of the reconstruction of West Round I Lake Road. Subject to Unavoidable Delays, the Phase II Public Improvements will be commenced by , 1998, and will be completed by , 1998. The I Phase II Public Improvements will be financed as a public improvement pursuant to Minnesota Statutes, Chapter 429. No Tax Increment will be used to finance the Phase II Public Improvements. I (d) The Phase III Public Improvements consist of improvements related to the realignment of County Road 96, including the acquisition of property, signal improvements, and I road and bridge improvements. Subject to Unavoidable Delays, the Phase III Public Improvements will be commenced by , 1998, and will be completed by , 1998. The Phase III Public Improvements will be financed with the proceeds I of tax increment general obligation bonds. (e) The obligation of the Authority to proceed with the construction of the Phase I I Public Improvements shall be subject to the satisfaction of all of the conditions precedent contained in Section 3.3, The Authority's obligation shall also be subject to the Authority .. having determined that the Bonds can be sold in an amount equal to at least $ and II I -