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2007-06-13 CC
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2007-06-13 CC
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<br />ARTICLE m <br /> <br />ACQUISITION, FINANCING AND CONSTRUCTION PLANS <br /> <br />Section 3.1. Development Proposal Generallv. The City selected the Developer as the <br />exclusive developer to work with the City to implement the concepts contained in the Master <br />Plan for the revita1i7ation and redevelopment of the Project Area. The Project Area property, <br />encompassed by the Master Plan, is the Development Property and consists of the City Property <br />and the Acquisition Property. The City owns the City Property. Multiple parties own the <br />Acquisition Property. The City determined that the Developer's proposal for the redevelopment <br />of the Development Property is in the best interests of the City and the City's residents and that, <br />therefore, the City is willing to sell the City Property to the Developer for the sum of <br />$ . and assist the Developer by using its best efforts to acquire the Acquisition <br />Property, if requested by Redeveloper. Furthermore, the City agrees to use its best efforts to <br />obtain and provide certain funding, including but not limited to Tax Increment generated by the <br />Minimum Improvements, to offset a portion of the Developer's costs, all as provided for in this <br />Agreement. Due to the high cost of acquiring and redeveloping the Development Property, the <br />City has determined that the Minimum Improvements would not be constructed without the <br />financial participation of the City as proposed by the Developer. Generally, the City and <br />Developer intend that during the term of this Agreement they will endeavor to do the following: <br /> <br />(a) <br />Phases; <br /> <br />Further refine the plans for the development of the various Phases and Sub- <br /> <br />(b) Attempt on a voluntary basis to secure control of the Development Property <br />through the negotiation of options or purchase agreements with the owners thereof; <br /> <br />(c) Identify those Parcels of the Development Property that they will be tmable to <br />acquire on a voluntary basis; <br /> <br />(d) Analyze the financial feasibility of the development of the Minimum <br />Improvements, including the amount of any necessary public financial assistance; and <br /> <br />(e) Identify the sources of available funds to be used to provide the identified <br />necessary public financial assistance. <br /> <br />(f) Analyze the applicability of the Minnesota Business Subsidy Law, MinneSota <br />Statutes, sections 1161.993 to 116J.995. <br /> <br />Section 3.2. Development Proposal Specifically. The Developer and City have <br />analyzed the Developer's proposed development of Phase I and the Developer has committed to <br />undertake the development of that Phase, subject to the terms of this Agreement The City and <br />Developer intend that during the term of this Agreement they' will endeavor to reach a final <br />agreement on the following for each Sub-Phase of each applicable Phase, prior to proceeding <br />with the next Phase: <br /> <br />10 <br />
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