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<br />construction of the building. To the extent possible, the parties will delineate <br />these fees in the Redevelopment Agreement. <br /> <br />Wells: Any wells either abandoned or operating shall be identified on the survey to the <br />extent that the City's most recent survey of the Redevelopment Property contains <br />said information. Any operating well shall be abandoned in accordance with <br />Minnesota Statutes. The parties shall mutually agree in writing on the terms and <br />cost sharing of any well-abandonment; and the necessity of maintaining any <br />environmental monitoring wells on the Redevelopment Property by City. <br /> <br />Taxes: Prorated as of Closing: City to pay prior, Redeveloper to pay future. <br /> <br />Assessments: The City to pay pending and levied at Closing. <br /> <br />Timing: Redeveloper shall initiate construction on the Redevelopment Parcel on or <br />before August 1, 2017 and be substantially complete on or about April 2018. <br /> <br />Site Delivery Condition: City is selling the Redevelopment Property "AS IS" and "WHERE IS," except <br />that the City agrees to assist the Redeveloper on any extraordinary <br />environmental remediation costs as contemplated herein and as will be <br />delineated in the Redevelopment Agreement. City agrees to reasonably <br />cooperate with Redeveloper, should Redeveloper seek closure, no action or no <br />association letters or other levels of relief or approval from MPCA or other <br />agencies. The receipt of a No Association letter from MPCA shall be a condition <br />to Closing. Subject to the City reimbursement provision in the Purchase Price, <br />Redeveloper shall pay for any costs associated with securing environmental <br />approvals or assurances it requests for purposes of the acquisition and <br />development of the Redevelopment Property. <br /> <br />Realtor: Redeveloper has not retained a realtor and shall not have any responsibility for <br />any fees associated with the purchase of the Redevelopment Parcel. <br /> <br />Time is of the Essence: Redeveloper and City agree that time is of the essence and that the parties will <br />reasonably work together to expeditiously facilitate the issuance of the necessary <br />permits and obtain the necessary approvals. <br /> <br />Remedy upon Redeveloper's <br />Default: The deed transferring the site to Redeveloper will contain a right of reverter <br />which will be superior to the rights of any liens, except that the City will <br />subordinate its right of reverter to Redeveloper’s construction mortgage. The <br />right of reverter shall be released upon the issuance of completion for the <br />Minimum Improvements. <br /> <br />Prohibition on Tax Exemption: The Redevelopment Parcel is within a Tax Increment Financing (TIF) District. <br />Once acquired by the Redeveloper, the Redevelopment Parcel and Minimum <br />Improvements will not become exempt for ad valorem property taxes until <br />termination of the TIF District. This covenant will be contained in a declaration <br />of restrictive covenants to be signed by the Redeveloper and recorded against <br />the Redevelopment Property. <br /> <br />Storm Water Ponding: City has designed and constructed a storm water system to manage some of the <br />storm water needs of the Redevelopment Property. In the event Redeveloper's <br />proposal exceeds the design capacity, Redeveloper would be responsible for <br />paying for additional storm water improvements, either on or off-site. In <br />addition, Redeveloper would be responsible for any storm water quality features <br />(i.e. rain gardens, infiltration basins) required by the City or Rice Creek