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2015_0817_CCpacket
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2015_0817_CCpacket
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Attachment A <br />pay all costs to discharge any encumbrances to the Redevelopment Property attributable to actions <br />of Redeveloper, its employees, officers, agents or consultants, including without limitation the <br />Architect, Contractar and Redeveloper's Engineer. <br />Section 3.6. Environmental Conditions. (a) The Redeveloper acknowledges that the <br />City makes no representations or warranties as to the condition of the soils on the Redevelopment <br />Property or the fitness of the Redevelopment Property for construction of the Minimum <br />Improvements or any other purpose for which the Redeveloper may make use of such property, <br />and that the assistance provided to the Redeveloper under this Agreement neither implies any <br />responsibility by the City or the City for any contamination of the Redevelopment Property nor <br />imposes any obligation on such parties to participate in any cleanup of the Redevelopment <br />Property. Provided, if any need for remediation arises on the Redevelopment Property, the City <br />agrees to cooperate with Redeveloper in use of the Minnesota Pollution Control Agency (MPCA) <br />Voluntary Investigation and Clean-up (VIC) or Petroleum Brownfields (PB) programs to <br />accomplish the remediation, and further agrees to use its best efforts to obtain funding for the <br />remediation from any available County, Metropolitan Council or State funds. Costs of the VIC <br />and PB programs shall be Public Redevelopment Costs and shall be reimbursed one-half from <br />Pooled Tax Increment not to exceed $50,000. <br />(b) Without limiting its obligations under Section 8.3 of this Agreement, the <br />Redeveloper further agrees that it will indemnify, defend, and hold harmless the City, and its <br />governing body members, officers, and employees, from any claims or actions arising out of the <br />presence, if any, of hazardous wastes or pollutants existing on or in the Redevelopment Property, <br />unless and to the extent that such hazardous wastes or pollutants are present as a result of the <br />actions or omissions of the indemnitees or were present on the Redevelopment Property prior to <br />the Closing. Nothing in this section will be construed to limit or affect any limitations on liability <br />of the City or City under State or federal law, including without limitation Minnesota Statutes <br />Sections 466.04 and 604.02. <br />Section 3.7. Reimbursement for Demolition. The City has agreed to reimburse the <br />Redeveloper for the cost of demolishing the existing fire station on the Redevelopment Property, <br />not to exceed $65,000, as a Public Redevelopment Cost payable from Pooled Tax Increment. The <br />Redeveloper shall complete the demolition in accordance with applicable law and provide the City <br />evidence of the demolition and invoices for the work. Within twenty (20) days after receipt of <br />documentation reasonably acceptable to the City, the City shall pay the Redeveloper the cost of the <br />demolition, not to exceed $65,000 from Pooled Tax Increment. <br />Section 3.8. TIF Lookback. (a) Generally. The financial assistance to the Redeveloper <br />under this Agreement is based on certain assumptions regarding likely costs and expenses <br />associated with constructing the Minimum Improvements and proceeds to be derived by the <br />Redeveloper from the sale of Units of the Minimum Improvements. Specifically, the amount of <br />reimbursement of Public Redevelopment Costs has been determined based on the amount of <br />assistance needed to provide the Redeveloper a developer's fee of 8% of the total development cost <br />of the project (the "Development Fee"), as shown in the current pro forma attached as Schedule F. <br />The City and the Redeveloper agree that those assumptions will be reviewed at the times described <br />in this Section, and that the amount of tax increment assistance provided under Sections 3.2, 3.6 <br />and 3.7 will be adjusted as follows: In the event the aggregate development sale proceeds would <br />9 <br />7174856v3 <br />
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