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<br />.% <br /> <br />~ <br /> <br />,- <br /> <br />commences during the second extension period <br />pursuant to an approved contract for development _ <br />and/or redevelopment of such property. ~ <br /> <br />C. Morris shall advise the City of its intent to exercise <br />its development rights within a sufficient time to permit <br />the City, or the City's Economic Development Authority, <br />as the City deems appropriate, to acquire the ATS Steel <br />Property by negotiation or other means as permitted by <br />law. It is intended that subject to the satisfaction of <br />all of the conditions in section 3.0(D), the City will <br />use its best efforts to acquire the ATS Steel Property in <br />order to facilitate development plans submitted by Morris <br />which have been approved by the City. <br /> <br />D. The City's obligation to pursue the acquisition of the <br />ATS Property shall be contingent upon the following: <br /> <br />1. Morris would present a development concept for the <br />Morris and ATS Steel Property consistent with the <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 /> <br />2. <br /> <br />Continuing favorable tax increment financing <br />legislation in the State of Minnesota which will <br />allow the City to reimburse itself for all costs of <br />acquisition of the ATS Steel Property and all <br />related costs. <br /> <br />e <br /> <br />3. A financial analysis indicating that tax increment <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 <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 <br />to the provision of tax increment financing in <br />connection with an improved Morris development <br />proposal. <br /> <br />4. A commitment from Morris or a Morris developer that <br />it will develop or redevelop the Morris/ATS Steel <br />Property as approved by the City. The commitment <br />shall be in the form of an agreement entered into <br />between the City or the city's economic development <br />authority, and Morris setting forth the terms and <br />conditions under which the parties would proceed <br />with the implementation of the approved Morris <br />Development proposal. <br /> <br />2 <br /> <br />e <br />