CCP 07-21-1997 - Laserfiche WebLink

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I I it that the Phase I Public Improvements can be constructed at a cost equal to or less than that budgeted by the Authority for such work. Section 3.6. Special Assessments. The Authority intends to use Tax Increment from I the Redevclopment Property and the Minimum Improvements to pay the Bonds issued to finance the Phase I and the Phase III Public Improvcments. The Redeveloper is willing to guarantee I pursuant to Section 6.1 that sufficient Tax Increment will be generated to pay the debt service on the Bonds. In addition, the Phase I Public Improvements will be undertaken as a public improvements project pursuant to Minnesota Statutes, Chapter 429, and assessments will be I levied as liens against the Redevelopment Property (and the Redeveloper Property?). The Redeveloper agrees to petition the City to undertake the Phase I Public Improvements and to assess the cost thereof against the Redevelopment Property (and the Redeveloper Property?). I The Redeveloper further agrees that it will not contest the amount or validity of the assessments on constitutional, statutory, procedural or other grounds and shall cause any Holder and any transferee of Redeveloper's acquiring an interest in the Redevelopment Property (and the I Redeveloper Property?) or Minimum Improvements to execute an instrument, in a form acceptable to the City, acknowledging the validity of the lien of the assessments and subjecting the Holder's lien or the transferee's interest to the lien of the assessments. In addition, the I Developer wiII upon request by the City execute such other documents as the City may from time to time reasonably request to continue the perfection of the lien of the assessments as a first lien on the Redevelopment Property (and the Redeveloper Property?). Tax Increment will be Ie used on an annual basis to either pay the assessments or, at the option of the Authority, to reimburse the Redeveloper for its payment of the assessments. I I I I I I I it I 12