2026-02-12 CC Packet - Laserfiche WebLink

Home Browse Search

6. Replenishment of the Account. The City may request Developer to deposit additional funds to replenish the Developer Tax Abatement Account. Non-payment or untimely payment of additional funds is grounds for the City to cease process of Tax Abatement. 7. Creation of Lien and Application of Escrow Funds. Developer is hereby given an express lien on and security interest in the Developer Tax Abatement Account until used, applied, or returned in accordance with this Agreement. The principal on the Account is hereby pledged and assigned, and shall be applied pursuant to City Ordinance, State and Federal law and regulation only for the payment of costs and expenses related the purposes of this Agreement as stated in paragraph two. 8. Amendments to Agreement. This Agreement is made for the benefit of the City, Developer, and the related Real Property, and it shall not be repealed, revoked, altered, or amended without the written consent of the City and Developer. 9. Termination. The Developer may elect to terminate this Agreement at any time upon not less than seven (7) daysÓ written notice to the City. The City may terminate this Agreement upon a vote of the City Council in and for the City rejecting the DeveloperÓs tax abatement application. Upon such termination by the Developer or the City, the City shall promptly pay any sums then due and related to work actually completed pursuant to this Agreement and promptly refund any remaining sums in the Developer Tax Abatement Account to the Developer. The obligations and requirements of this Agreement shall survive termination of this Agreement. The City, in its sole discretion, may keep funds or ask for additional replenishment of funds so long as it reasonably sees fit to cover potential costs related to this Agreement and its enforcement. 10. Notices. Except as otherwise provided herein, it shall be sufficient service of any notice, request, complaint, demand to be given to or filed with the following parties if the same is duly sent via email and first class mail to: To the Developer at: To the City at: City of Centerville Equinox Development Partners LLC Athanasia Lewis Erin Mathern City Administrator 225 S Sixth Street 1880 Main Street Suite 3500 Centerville, Minnesota 55038 Minneapolis, MN 55402 ALewis@CentervilleMN.com Emathern@winthrop.com 11. Successors and Assigns. All of the covenants, promises, and agreements in this Agreement contained by or on behalf of the City or Developer shall be binding upon and inure to the benefit of their respective successors and assigns whether so expressed or not. 12. Governing Law. The applicable law of the State of Minnesota shall govern this Agreement. Page 2 of 4 33