Laserfiche WebLink
<br />--.. .... . ~. ......\...n.i.. .. 1''-"\.'1 ....'->\.......'_.....' ~ - ~ ~ ...;. "-' -'oJ . -, ::.....'\~..__i' r .1...-"1.'. .;::........;..~~..._,- ..~ - , <br /> ..- -.~ '~'-"-"- r..o.__ <br /> . 'I <br />"2/, <br /> I <br /> $20,000 which amount shall be refunded to Morris <br /> if development of the Morris/ATS Steel Property .. <br /> commences durin the second extension eriod <br /> pursuant to an approved contract or development <br /> and/or redevelopmenL of such pt'operty. <br />C. Morris shall advise the City of its intent to exercise I <br /> its development rights within a sufficient time to <br /> permit the City to acquire the ATS Steel Property by <br /> negotiation or other means as permitted by law. It is <br /> intended that subject to the satisfaction of ~11 of r.h.. I <br /> conditions in Section 3.0(0), the City will use its <br /> best efforts to acquire the ATS Steel Property in order <br /> to tacilitate development plans submitted by Morris I <br /> which have been approved by the City. <br />D. The City's obligation to pursue the acquisition of the <br /> ATS Property shall be contingent upon the following: I <br /> 1- Morris would present a development concept for the <br /> Morris and ATS Steel Property consistent with the I <br /> City's development regulations and providing for a <br /> development of such nature and quality as <br /> acceptable to the City in its sole discretion. <br /> 2. Continuing favorable tax increment financing I <br /> legislation in the State of Minnesota which will <br /> allow the City to reimburse itself for all costs <br /> at acquisition of the ATS Steel Property and all ~ <br /> related costs. <br /> 3 . A financial analysis indicating that tax increment I <br /> from the Morris/ATS Steel Property would be <br /> sufficient to reimburse the City for all of its <br /> costs relating to an approved Morris development <br /> proposal amortized over a period of time not to I <br /> exceed the remaining life of the tax increment <br /> financing district and allowing the City to meet <br /> all the "but for" and other requirements relating I <br /> to the provision of tax increment financing in <br /> connection with an improved Morris development <br /> proposa.l. <br /> 4. A commitment from Morris or a Morris developer I <br /> that it will develop or redevelop the Morris/ATS <br /> Steel Property as approved by the city. Th", <br /> commitment shall be in the form of an agreement I <br /> entered into between the City or the City's <br /> economic development authority, and Morris setting <br /> forth the terme and conditione under which the I <br /> parties would proceed with the implementation of <br /> the approved Morris Development proposal. <br /> 2 I <br /> .. <br /> I <br />