CCP 09-22-1997 - Laserfiche WebLink

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-- . proceeds of the Bonds. The commencement and completion of the Highway 96 Improvements shall also be subject to the granting of all necessary approvals therefor by the County and any other govemmenlal \mil whose approval is necessary. (e) The obligation of the Authority to proceed with the construction of the 14th Street Improvements and the Highway 96 Improvements shall be subject to the satisfaction of all of the conditions precedent conlained in Section 3.2. The Authority's obligation shall also be subject to the Authority having determined that the nel proceeds of Bonds, payable solely from the Tax Increment estimated by the Authority and Ihe City to bc generated from the construc~on of the Minimum Improvements and Prior Improvements, can be sold in an amount sufficient fo pay aU costs of the 14th Street Improvements and the Highway 96 Improvements. In the event that the cost of the 14th Street Improvements and the Highway 96 Improvements will exceed $ , based on bids received by the Authority for such work, the Authority will not proceed with such work without meeting with the Redeveloper 10 anempl to dete1ll1ine whether ways exist to reduce the cost of such work. Section 3.5. Special AsseSm1ents. (a) The Authority intends to use Tax Increment 10 pay the Bonds issued to finance the 14th Street Improvements and the Highway 96 Improvements, As security for the payment of such Bonds, the 14th Street Improvements and the Highway 96 Improvements will be undertaken as a public improvements project pursuant to Minnesota Statutes, Chapter 429, and assessmenls will be levied as liens against the . Redevelopment Property, The Redeveloper has petitioned the City to \mdertake the 14th Street Improvements and Ihe Highway 96 Improvements and to assess the cost thereof against the Redevelopment Property. The Redeveloper further agrees that, so long as the aggregate amount of the Assessments against the Redevelopment Property do not exceed $ , it will not conlest the amount or validity of the Assessments on constitutional, statutory, proceduul or other grounds and shall cause any Holder and any transferee of Redeveloper's acquiring an interest in the Redevelopment Property or Minimum Improvements, or any 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 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 ofthe lien of the assessments as a first lien on thCl Redevelopment Property. (b) The amount of !he Assessments to be levied against the Redevelopment Property shall equal sixty three and one half percent (63.5%) orall costs of the design and construction of the 14th Street ImproveJl\ents and the Highway 96 Improvements, the cost of acquiring any property necessary to undertake such improvements, the costs of issuing the Bonds, and all costs relating to the foregoing, The other thirty six and one half percent (36.5%) of such costs are intended 10 be paid using the Tax Increment that will be generated from the AmberJack Property and Prior Improvements based on the market valuCl to be established in the Assessment Agreement to be executed by the owner of the AmberJack Property pursuant to Section 6.5. The percentages of the total amounl of the Assessments to be levied against each Parcel of the . Redevelopment Property shall be as follows: It 9t"d 6Nll. l.G6 1':i9 '~.d '3~I3a ~ ^3lQ~~ vi:Si l.66i-6i-d3S