CCP 04-08-2002 - Laserfiche WebLink

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e e e MRR-19~2002 t3:35 5129242553 P.IO COMMUNITY DEU (e) The Authority will provide tax increment financing and other public financial assistance to pay some portion of the public redevelopment costs associated with development of Park Commons East. The parties currently anticipate that the public redevelopment costs will include: . acquisition of all Phase I Area property . site clearing, preliminary grading, environmental work (as needed), and public infrastructure (including public streets and utilities) . construction of parking structures . public streetscape, town green, and transit improvements, including social and recreational facilities and improvements, equipment or other items that primarily serve a decorative or aesthetic purpose . Assistance for low and moderate income housing . Other costs for which tax increment or other available public funds may be legally spent. (f) To finance the redevelopment costs described above, the Authority currently estimates that its will have available, and will commit to Park Commons East, the following sources of funds: proceeds of its Series 1997 A and Series 1997B Tax Increment Bonds, tax increment revenues from a new redevelopment tax increment financing district to be established for Park Commons East, proceeds of a 1998 Livable Communities program grant from the Metropolitan Council, and any other revenues designated by the Authority in its discretion. Financing may be provided through issuance of bonds, "pay as you go" financing, or some combination thereof. (g) The Authority will provide to Developer all documents and information on file in the City related to Park Commons East, including without limitation environmental analysis and previous financial analysis. (h) The Authority represents to Developer that there are,no outstanding claims against or liabilities of Developer arising under the Agreement prior to the date of this second amendment thereto. (i) The Authority will use its best efforts to approve a definitive Contract with the Developer by December 18, 2000. Section 3. Develoner Al1:I'eements and UndertakinlZS. (a) The Developer acknowledges and accepts the master site plan as described in Section 2(a) hereof, subject to the terms of Section (b)(l) hereof. The Developer expressly agrees and understands that Developer will be responsible for development of the owner-occupied housing component of the master site plan, but expects to select a third party, approved by the Authority, to carry out that component. The Authority and Developer agree to negotiate, as part of the Contract, the tenus for selection of the SJ1l.182172v) SA.l.8~-4Q 3