CCP 08-18-1997 - Laserfiche WebLink

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~-- . 12, 1998, and will be completed by ,1998. TAB Ph.'lBS Y P-ublieOctober 15. 1998 The 1998 West Round Lake Road Improvements will be financed as a public improvement proiect pursuant to Minnesota Statutes, Chapter 429. }Ia Tax Increment will se RESe. te RffilHca fua Pllass Y Publie ffilI'Fa"emoots_ (d) The Pllese HI Piilllic1298 Hi:;hwav 96 Improvements consist of improvements related to the realignment of County Road 96, including the acquisition of property, signal improvements, and road and bridge improvements. Subject to Unavoidable Delays, the Paese ill ~1998 Highwav 96 Improvements will be commenced by ,1998, and will be completed by ,1998. The PRasa m Pulll:lc1998 Hi2hway 96 Improvements will be financed with the proceeds oft"" im;remellt ;cncral abligatiea bb!.U3.onds. (e) The obligation of the Authority to proceed with the construction of the PEase I POOHe1997 14th Street Improvements and the 1998 Hi~hway 96 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 that the Paesa I fub~j61997 14th Street Improvements and the 1998 Hi!!hway 96 Improvement. and all costs related thereto can be constructed at a cost equal to or less than thaumount budgeted by the Authority for such work. Section 3.6. Special Assessments. (.gl... The Authority intends to use Tax Increment . tr<lHl fue Reae,'elel'mant Pi'efJefly aHa l11a MiffiBl\lHl ImllHH'emaats to pay the Bonds issued to finance the Paass I IIflEI tlla Phase :m P\lbli s lmpra"smeats_ TAe Re!le"eleper is willing Ie gH<H:aatea fJ\lrS\i"nt Ie Secticn 6.1 that 5!iffiGieat Till. merefllent ....:iH be geBeFated ta !'lay the e1elJt sarvisa eR the Baaels. 111 atIdilioll, the Phase T Ptilllia1997 141h Street Improvements and thc 1998 Highway 96 Improvement. As security for the payment of such Bonds. the 1997 14th __ Street ImprovemenN and the 1998 Hi'lhway 96 Improvements will be undertaken as a public improvements project pursuant to Minnesota Statutes, Chapter 429, and assessments will be levied as liens against the Rcdevelopment Property (and the Redeveloper Property.?). The _ Redeveloper agrces to petition the City to undertake thc Pitas" I PlHlliGI997 14th Street Improvcment.~ and the 1998 Hi{!hway 96 Improvements and to assess the cost thereof against the - Redevelopment Property (and the Redeveloper Property.?). The Redeveloper further agrees that it will not contest the amount or validity of the assessments on constitutional, statutory, I procedural or other grounds and shall cause any Holder and any transferee of Redeveloper's acquiring an interest in the -Redevelopment Propcrty ("lid. the Redenleper Pl'epertr1) ei' -Minimum Ifiltlreveffitffltsand the Redeveloper Property or Minimum Improvements or anv I portion thereof 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 I to the lien of the assessments. In addition, the Developer will 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 haj38ft). (Bad. the and the Redeveloper Propertv. I &elk/eleper Prsllertr?). Trnl Iaerelllefll 'sill Be Hsed all an IUil1ual Ba!iis ta either Ilay the a5SGosme..ts af, at the e13tioB of UJa .'\tl~herit'/, te reimburae tlIe R.es8'>els13ef fer its payffiilllt af .. the aoseDsmems_ 12 I 11/10'd 6P0~ ~c6 ct9 '~'d '3~I3a ~ ^3,a~da 8c:91 ~661-1t-9n~