10-22-2001 Council Packet - Laserfiche WebLink

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Compliance with some of these restrictions is within the control of the City and compliance with some of these restrictions is within the control of the Developer and'or Owner. (4) The City has agreed to defer Sew er and Water Connection Fees in the amount of S40.838 and Park Dedication Fees in the ainount of $161.200 that would otherwise be due at the time of development of the Senior Housing. The City w ill reimburse itself for these deferred fees via TIF proceeds as described in the "Development Agreement” us K»n«’ as there is no default by the Developer under the terms of that Agreement. (c) The City covenants not to take any actions, including w ithout limitation any approval of the expenditure by the City of increment from the ilF Histrict not applied toward payment of the TIF Note, which would violate the TIF Act. invalidate the Til* District in whole or in part or adversely affect the tax increment payment obligations to the Developer under this Agreement or the TIF Note Nothing in this subsection shall diminish the Developer’s obligations under this Agreement or create any liability of the City respecting an Event of Default, i he City shall promptly give the Developer written notice and copy of any lawsuit or similar proceeding, or any threat thereof, and of any communication from the OITicc of the State Auditor, the Department of Revenue. Hennepin County or other public onicial which questions the propriety or legality of the 1 IF District or the expenditure of its incremenu Comnliance . At any lime and from lime to lime the Developer may request that the City provide the Developer a certificate certifying that that the terms and prox isions of this Agreement have been complied with and that this PUD Agreement is in full force and efleet with respect to the development for the purpose of facilitating sale, mortgage, insurance or other matters. To the extent that iJ.erc be any bona fide defaults in such compliance, the Developer shall be alTordc ' a reasonable time to bring the development into conformance, and thereafier the City shall be obligated to provide such certificate. Binding Hffcct: The terms and provisions hereof shall be binding upon and inure to the benefit of the heirs, representatives, successors and asjigns of the parties hereto and shall be binding deemed covenants running w ith the land. References herein to Developer, if there be more than one, shall mean each and all of them. This agreement at the option of the City shall be placed of record so as to give notice hereof to any subsequent purchasers and encumbrancers of all or any part of the property. Page 12 of 17