The URL can be used to link to this page

1h Approval of Primate Redevelopment-Welsh Co. CITY OF CHANHASSEN 10 City Center Drive, PO Box 147 Chanhassen, Minnesota 55317 Phone 612.937.1900 General Fax 612.937.5739 :ngineering Fax 612.937.9152 lublic Safety Fax 612.934.2524 \Veb www.ci.chanhassen.mn.us .11- __ v MEMORANDUM TO: FROM: DATE: SUBJ: Don Ashworth, City Manager Todd Gerhardt, Assistant City Manage~ April 7, 1998 Consider Approval of a Private Redevelopment Agreement with Welsh Construction Corp. Attached for the city council's review is a Private Redevelopment Agreement between the City ofChanhassen and Wel~ Construction Corp. (see Attachment #1). The city council created TIF District No. 3-1 on May 23, 1994 (see Attachment #2). In conjunction with the creation of this district, the Tax Increment Plan incorporated the city's current three year incentive program for businesses meeting one of the following qualifications: I. Biscourage business from moving to another state or municipality; 2. Increase employment in the state; 3. Preserve and enhance the tax base of the state. Welsh Construction Corp. meets two of the three qualifications. They will be enhancing the tax base by approximately $393,357.66 per year; and creating at least 100 new jobs in the fall of 1998. Welsh Construction Corp. is proposing to construct three separate 75,000 sq. ft. multi-tenant office/manufacturing/warehouse facilities. The estimated amount of incentives available total $590,036.49 based on the city's policy of three years worth of taxes minus fiscal disparities and school aid contributions (see Attachment #3). The city would make payment back to Welsh Construction Corp. in the following years based on the new taxes generated from their facility: 2000 2001 2002 $ 196,678.83 $ f96,678.83 $ 196,678.83 $ 590,036.49 Total Incentives: RECOMMENDATION Staff recommends approval of the Private Redevelopment Agreement with Welsh Construction Corp. and their request for $590,036.49 in city assistance. ATTACHMENTS 1. Private Redevelopment Agreement 2. Location map of District 3. Estimaled Taxes/Incentives g:\admin\tg\welsh const.e.doc he City of Chanhassen. A growing community with clean lakes, quality schools, a channing downtown, thriving businesses, and beautiful parks. A great place to live, work, and play. PIEDMONT CASCADE: I r0.5::: HRfSTNAS (f HE~~~N f" ~O~~~TY ~alU;T~ LAKE if. l' { \ 12/ J ... .J ~ ~ let It< .. ~ 2' .,.~~" =-~l 4~ 1~'~~9; v~ lj'\ '\ llV'(w I ^ .-, ~m .....~ \~~ 1 .c-\ I~h ~~ ,ULU/~ 'J ~ ~"4 C> 0,. \- '-//\ "r . IJff1 - J S~b~ ~.~ ~If . / ~ ,- ...k\ -"I ~ I V'N-..\~ 41. A J. (\1Jl.. I -.-~ ~~ t' _ 41. I J ~ ....-~ '~ " "~I ~ '..{~ '60'~~ b- . r 'Ff;",... r") ~ \, ~ ~ "" l 'f. ~ ( r- ~ "-=' ~ ,...~ ~\ ~ ? f- ;: \~ Ij'r,. ~ \I/~\ ""'~~ ,rn ~Tu-:;' """ ~W ~fllkARVER ')~ _ ~. I~ /. m..~ Ii~ 11 r ~/J~ 7ft[ BEACH , \~ ~ <1. V ~~ (1)-' ~ ~~ !/~ ~'f,W!ARK .j1LPl;~\~---.. ~II _~ ~ ~ ~~ ~'1 ~rCi -" kd.~ f-. ~ ~ .: .. as::.. ", VIOLET '.~ -~ >~., NORTH'."'. /:t J~" ,,~\ "i ROAO ~J- \::/;? f:JJJSf Yr. ~ ~,~~.~" "~l, W'71 Wi PARK ", ~~ ''i,'T,{/ '",-~ $\(1 ",. > III" I ~~~'a~~~:,"?- ,,'~~'T~l1~I.1I1l ~~~ ~~~'5?~LLOTUS.~ ~ r,I1 D~,\'!.('\r. ,.IT.. rw. ~ ~l. IJ -*V6rJ~,O~ I cr Y "-if....) -p >\\ ,(:r 7.' A........ 0 '~ ~' W~H' ;,y:,:,~\ ~\~f:1~' ~. f'I~~-01. ~) H \\\\J.lu I~) J/ ~ $ ~ \'u~ ~ ~ "'1\\\ ~ . lif) I <J:~'(!d\ I '\ ,t' 'rne .F .>'\~ I ~\ t:;...... r. .\~ ~~\ ~ ~\lc.. ~ ~ r:\'-- ~Vt-:y;.' ~=.,.. 'f{ Y' I~~ ' lLU ~~~~~T '~Iil ,:,~ ~ ~ J " ~~,\ ~G .Jh~J;~ ~ oJ 6.~~~ ~~~, LAKE )~~ ......11 ~..A( Vh '^ Y')- "\~~ ~ ~ ~\(\v..Jr' F! ~'~ l -.. ~'f.., ~.~.,.. I \,..... ]t=Cr~. ::/I.... r=~, I Il'.. ..:. .~ _ II ~.~;~ .:rm:a,....,~~/' f ,~d.H - .~-.-<;' ~ .---=--.-::.'....., ;. ... :: ~. ~.?~ !.JAr ~I . ~h~~. ',~ ~ ..., ~~ A~y~~. I:. ~~ C ~ ~ - ~.a.mlr fe.. uelD>' / ~: .:~ m ~ -'''~ '~:,,~ ~ ~\_~ -{\(\ ~., -"".,.= ~ Lli ~:: .vor;;;: -:' H#""': ,A~ J" oY..<: ~ ~ ~ A ..... p,... ~( c IlsI......,.rlll' "I ^ ~ l'W~V" \ 6m. Z .,"1 ~mmm~ ~~\~, ~i ! 11;11~LI~ '''fh~ III ~ *1I~rrm'I1~I~.t ~ ~ ~LJI..k,,, HsUl1lIi:: ~'--= ;~Ir . ~p-/ /'1----~: c- ~J ~n'!! \~.. ,1 I i=?~ ~' "~ ~~~ " "I (It - \:~~~ I ~E I;.....<~. ESTATES oR. .., ..~~ ~ .) f- ~~ ~.ifb\i.EARK,__ " ~ ~ \ \ ~ . 0. f<. f- ........,...." ~HlGK~~"1 ~ ~l =~:~~=J5f ~,~~ ~~~ \ ~ ~ h'.~ IM~~ ~~'{;R(PJ::::l :y , . ( . .HASTA ~iRCU WOT ASTA CIltCL (: LVT YWM: CI-a... L ~ IIt!II)8I( COUIO T CHANHASSEN DEVELOPMENT DISTRICT #3 & T.I.F. DISTRICT # 3-1 Chanhassen. MN LEGEND - - - Development District ............... T.I.F. District IHw.A.P\.:.E LAN( ASSWO<Xl C~CLL " ~~ '~~~i 2 77th ST EET J Kennedy & Graven, Chartered March 23, 1997 RECEIVED MAR 2 6 1998 CITY OF CHANHASSEN CONTRACT FOR PRIVATE REDEVELOPMENT BY AND BETWEEN THE CITY OF CHANHASSEN AND a Minnesota L.L.L~ , 1998 This document was drafted by: KENNEDY & GRAVEN, CHARTERED (JBD) 470 Pillsbury Center 200 South Sixth Street Minneapolis, MN 55402 JBD122231 KG400-1 ;1j1-~~ 4C( - Section 1.1. Section 2.1. Section 2.2. Section 3.1. Section 3.2. Section 3.3. Section 3.4. Section 3.5. Section 3.6. Section 3.7. Section 3.8. Section 3.9. Section 3.10. Section 3.11. Section 3.12. Section 4.1. Section 4.2. Section 5. L Section 5.2. Section 5.3. Section 5.4. Section 5.5. JBD122231 KG400-1 TABLE OF CONTENTS ARTICLE I Definitions Definitions ........................................ 2 ARTICLE II Representations and Warranties Representations by the City ............................. 4 Representations by the Redeveloper . . . . . . . . . . . . . . . . . . . . . . . . 5 ARTICLE III Sale and Purchase of Land Acquisition of Redevelopment Property . . . . . . . . . . . . . . . . . . . . . 6 Conveyance of the Redevelopment Property . . . . . . . . . . . . . . . . . . 6 Time of Acquisition and Conveyance ...................... 6 Title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Soil Conditions ..................................... 7 Purchase Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Taxes and Special Assessments . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Other Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Property Reconveyed As Is ............................. 7 Termination . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Hearing Prior to Sale ................................. 8 Assessment Agreement ................................ 8 ARTICLE IV Public Assistance Construction of the Minimum Improvements ................. 9 Form of Public Assistance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 ARTICLE V Tax Increment Tax Increment Certification ............. . . . . . . . . . . . . . .. 10 Real Property Taxes; Special Assessments .................. 10 . Real Property Assessment ............................. 10 Receipt of Tax Increment; Proof of Payment ................ 10 Effect of Legislative Changes . . . . . . . . . . . . . . . . . . . . . . . . . .. 10 Section 6.1. Section 6.2. Section 6.3. Section 6.4. Section 6.5. Section 6.6. Section 6.7. Section 6.8. Section 6.9. Section 6.10. SIGNATURES TESTIMONIALS SCHEDULE A SCHEDULE B SCHEDULE C SCHEDULE D JBD122231 KG400-1 ARTICLE VI Additional Provisions Equal Employment Opportunity ......................... 11 Restrictions on Use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 11 Provisions Not Merged With Deed ....................... 11 Notices and Demands ................................ 11 Disclaimer of Relationships ............................ 11 Covenants Running with the Land . . . . . . . . . . . . . . . . . . . . . . .. 11 Modifications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 11 Counterparts ...................................... 12 Assignment ..... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 12 Wage and Job Covenants. . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 12 REDEVELOPMENT PROPERTY LEGAL DESCRIPTION ASSESSMENT AGREEMENT AND ASSESSOR'S CERTIFICATION [Blank] LIMITED REVENUE TAX INCREMENT NOTE 11 CONTRACT FOR PRIVATE REDEVELOPMENT THIS AGREEMENT, made on or as of the day of , 1998, by and between THE CITY OF CHANHASSEN, a Minnesota municipal corporation (hereinafter referred to as the "City") and , a Minnesota (hereinafter referred to as the "Redeveloper"), WITNESSETH: WHEREAS, the City has created and established Development District No. _ (the "District") pursuant to Minnesota Statutes, ~~ 469.124 through 469.154 (the "Act") and has created within the District, Tax Increment Financing District No. _ (the "Tax Increment District") also pursuant to the Act; and WHEREAS, the City has further adopted its development district program (the "Program") for the District describing the objectives of the Program and the public assistance needed within the District to carry out the objectives of the Program; and WHEREAS, there has been presented by the Redeveloper to the City for its consideration a proposal for the development of a office/warehouse facility within the District on property located within the Tax Increment District; and WHEREAS, the City has reviewed the Redeveloper's development proposal and has determined that the development, if completed, would serve to accomplish the objectives of the Program. WHEREAS, in order to achieve the objectives of the Program the City will acquire certain real property in the District, more particularly described in Schedule A annexed hereto and made a part hereof (which property as so described is hereinafter referred to as the "Redevelopment Property"), and is prepared to convey the Redevelopment Property to the Redeveloper in order to bring about redevelopment in accordance with the Program and this Agreement; and WHEREAS, in order to achieve the objectives of the Program the City has determined to provide aid and assistance to the Redevelopment Property in the form of land write down expenditures and other redevelopment costs; and WHEREAS, the City intends to fund the land write down expenditures and other redevelopment costs by using tax increments generated from the Redevelopment Property and the improvements to be constructed thereon; and WHEREAS, the City believes that the redevelopment of the District pursuant to this Agreement, and fulfillment generally of this Agreement, are in the vital and best interests of the City and the health, safety, morals, and welfare of its residents, and in accord with the public purposes and provisions of the applicable state and local laws and requirements under which the Program has been undertaken and is being assisted. JBD122231 KG400-1 1 NOW, THEREFORE, in consideration of the premises and the mutual obligations of the parties hereto, each of them does hereby covenant and agree with the other as follows: ARTICLE I Definitions Section 1.1. Definitions. In this Agreement, unless a different meaning clearly appears from the context: "Act" means Minnesota Statutes, Sections 469.001-469.154 (formerly Municipal Housing and Redevelopment Act, Minnesota Statutes, Sections 462.411-462.711), as amended. "Agreement" means this Agreement, as the same may be from time to time modified, amended, or supplemented. "Assessed Market Value" or "Assessed Market Valuation" means the market value of real property as determined by the county assessor of the county in accordance with Minnesota Statutes, Section 273.11 (or as finally adjusted by the assessor, board of equalization, commissioner of revenue, or any court). "City" means the City of Chanhassen, a Minnesota municipal corporation and statutory city according to the laws of the State of Minnesota. "Closing" means the completion of the transaction contemplated m this Agreement between the parties hereto. "Construction Plans" means the plans, specifications, drawings and related documents on the construction work to be performed by the Redeveloper on the Redevelopment Property which shall be at least as detailed as the plans required to be submitted to the building inspector of the City. "Limited Revenue Tax Increment Note" or "Note" means the limited, special obligation of the City to pay to Redeveloper, from tax increments generated from the Redevelopment Property, an annual dollar amount, as provided in Section 4.2 of this Agreement and the Note attached as Schedule D. "Minimum Improvements" means the improvements described in the Preliminary Plans containing three separate office/warehouse manufacturing facilities of approximately..2 ~,O 000 square feet each. 16'/ o~ "Preliminary Plans" means those plan sheets and other descriptive material which are identified in the attached Schedule E. JBD122231 KG400-1 2 "Redeveloper" means successors and assigns. , a Minnesota , or its "Redevelopment Property" means the real property, a legal description of which property is contained on the attached Schedule A. "Tax Increment" means that portion of the real property taxes paid with respect to the Tax Increment District which is remitted to the City as tax increment pursuant to the Tax Increment Act. "Tax Increment Act" means Minnesota Statutes, Sections 469.174-.179, as the same may be amended from time to time. "Termination Date" means the date when the City has paid the full amount due under the terms of this Agreement and the Limited Revenue Tax Increment Note. "Tax Official" means any city or county assessor; county auditor; city, county or state board of equalization, the commissioner of revenue of the state, any state or federal district court, the tax court of the state, or the State Supreme Court. "Unavoidable Delays" means delays which are the direct result of acts of God, unforeseen adverse weather conditions, labor disputes, fire or other casualty to the Minimum Improvements, litigation commenced by third parties which, by injunction or other similar judicial action causes delays, acts of any federal, state or local governmental unit (other than the City in enforcing its rights under this Agreement), City defaults as to the Redeveloper's delays, Redeveloper defaults as to the City's delays, or other matters which are not within the control of the Redeveloper as to the Redeveloper's delays or not within the control of the City as to the City's delays. JBDl22231 KG400-1 3 ARTICLE II Representations and Warranties Section 2.1. Reoresentations bv the City. The City makes the following representations as the basis for the undertaking on its part herein contained: (a) Subject to matters described in Section 5.5 of this Agreement, the City has the right, power and authority to execute, deliver and perform its obligations according to this Agreement and all other documents to be executed by the City pursuant hereto. The City assures the Redeveloper that the individuals who execute this Agreement and all other documents executed by the City or on behalf of the City are duly authorized to sign the same on behalf of the City and to bind the City thereto. (b) Subject to satisfaction of the terms and conditions of this Agreement, the City will convey the Redevelopment Property to the Redeveloper for development in accordance' with the terms of this Agreement. (c) Neither the City, nor, to the best of the City's knowledge, any entity or person has, at any time (i) "released" or actively or passively consented to the "release" or "threatened release" of any Hazardous Substance (as defined below) on or under or that would affect the environmental condition of the Redevelopment Property; or (ii) taken any action in "response" to a "release" in connection with the Redevelopment Property; or (iii) otherwise engaged in any activity or omitted to take any action which could subject the City or Redeveloper to claims for intentional or negligent torts, strict or absolute liability, either pursuant to statute or common law, in connection with Hazardous Substances (as defined below) located in or on the Redevelopment Property, including the generating, transporting, treating, storage, or manufacture of any Hazardous Substance (as defined below). The terms set within quotation marks above shall have the meaning given to them in the Comprehensive Environmental Response and Liability Act, 42 V.S.C. ~ 9601 et seq., as amended ("CERCLA") and any state environmental laws. "Hazardous Substances" means hazardous waste, toxic substances, formaldehyde, urea, polychlorinated, biphenyls, asbestos, petroleum, natural gas, synthetic gas usable as fuel or mixtures thereof, any materials related to any of the foregoing, and substances defined as "hazardous substances", "toxic substances", "hazardous waste", "pollutant", or "contaminant" in CERCLA 42 V.S.C. ~ 9601 et seq., the Resource Conservation and Recovery Act as amended, the Hazardous Materials Transportation Act, 49 V.S.C. ~ 1801 et seq., the Clean Water Act, 33 V.S.C. ~ 1251 et seq., any state laws regarding environmental matters, or any regulations promulgated pursuant to any of the foregoing statutes. (d) The City does not know of any wells on the Redevelopment Property within the meaning of Minnesota Statutes, Section 1031. JBD122231 KG400-1 4 Section 2.2. Representations bv the Redeveloper. The Redeveloper represents that: (a) The Redeveloper has the right, power and authority to execute, deliver and perform its obligations according to this Agreement. (b) If Redeveloper is successful in obtaining any variances required by the City, and if the Redeveloper constructs the Minimum Improvements on the Redevelopment Property, it will do so in accordance with the terms of this Agreement, and all local, state and federal laws and zoning, building code and public health laws and regulations. (c) If constructed, the Minimum Improvements will have a market value of not less than $2,625,000 inclusive of the value of the Redevelopment Property but exclusive of the value of any improvements currently located on the Redevelopment Property. (d) As of this date, the Redeveloper has received no notice or communication from any local, state or federal official that the activities of the Redeveloper or the City in the Project Area may be or will be in violation of any environmental law or regulation. The Redeveloper is aware of no facts the existence of which would cause it to be in violation of any local, state or federal environmental law, regulation or review procedure. In the event that the City is required to take any action to obtain any necessary permits or approvals with respect to the Redevelopment Property under any local, state or federal environmental law or regulation, the Redeveloper will cooperate with the City in connection with such action. (e) If the Redeveloper constructs the Minimum Improvements, it will use its best efforts to do so in accordance with all applicable local, state or federal energy conservation laws or regulations. (f) Neither the execution and delivery of this Agreement, the consummation of the transactions contemplated hereby, nor the fulfillment of or compliance with the terms and conditions of this Agreement is prevented, limited by or conflicts with or results in a breach of, the terms, conditions or provisions of any restriction or any evidences of indebtedness, agreement or instrument of any evidences of indebtedness, agreement or instrument of whatever nature to which the Redeveloper is now a party or by which it is bound, or constitutes a default under any of the foregoing. (g) Redeveloper agrees to provide the City with the appropriate certificate, statement or deed provision relating to any wells located on the Redevelopment Property. JBDl22231 KG400-1 5 ARTICLE III Acquisition and Conveyance of Property Section 3.1. Acquisition of Redevelopment Property. The Redeveloper represents that it has as of the date of this Agreement obtained title to or options to acquire title to the Redevelopment Property. Subject to the terms of this Agreement, the City agrees that it will, subsequent to the Redeveloper's acquisition of title to the Redevelopment Property, acquire the Redevelopment Property from the Redeveloper. The conveyance from the Redeveloper to the City shall be by a standard quit claim deed. Immediately after the City's acquisition of the Redevelopment Property, the City shall, by quit claim deed, reconvey such property to the Redeveloper for development in accordance with the terms of this Agreement. The cost to the City of acquiring the Redevelopment Property and conveying such property to the Redeveloper shall be paid in accordance with the terms of Section 3.6 of this Agreement. Section 3.2. Conveyance of the Redevelopment Property. The City shall reconvey title to and possession of the Redevelopment Property to the Redeveloper under a quit claim deed. The conveyance of and the Redeveloper's use of the Redevelopment Property shall be subject to all of the conditions, covenants, restrictions and limitations imposed by this Agreement. The conveyance of title to and the Redeveloper's use of the Redevelopment Property shall also be subject to building and zoning laws and ordinances and all other applicable local, state and federal laws and regulations. Section 3.3. Time of Acquisition and Conveyance. (a) The City shall, subject to all applicable provisions of law and preconditions to closing contained in this Agreement, if the Redeveloper is not then in default under the terms of this Agreement, acquire the Redevelopment Property from the Redeveloper and simultaneously reconvey the Redevelopment Property to the Redeveloper within ten (10) days after (i) the City's approval of the Preliminary Plans; and (ii) the Redeveloper having obtained all governmental permits and approvals, necessary to be obtained in order to permit conveyance of the Redevelopment Property to Redeveloper and construction of the Minimum Improvements, or on such other date as the City and the Redeveloper shall mutually agree in writing. The Redeveloper shall take possession of the Redevelopment Property the day of execution and delivery of the deed by the City. (b) Unless otherwise mutually agreed by the City and the Redeveloper, the execution and delivery of all deeds shall be made at the principal office of the City. Section 3.4. Title. (a) Prior to and as a condition to the City's obligation to acquire the Redevelopment Property, the Redeveloper shall obtain and furnish to the City a commitment for the issuance of a policy of title insurance. The City shall have twenty (20) days from the date of its receipt of such commitment to review the state of title and to provide the Redeveloper with a list of written objections to such title. No objection may be made by the City to any defect or encumbrance on the title unless and to the extent that such defect or encumbrance would, if uncured, have the effect of precluding Redeveloper's request to convey marketable title or the construction ofthe Minimum Improvements. Upon receipt of the City's list of written objections, the Redeveloper shall proceed in good faith and with all due diligence to attempt to cure the JBD122231 KG400-1 6 objections made by the City. Within ten (10) days after the date that all such objections have been cured, to the reasonably satisfaction of the City, the City shall proceed with its acquisition and reconveyance of the Redevelopment Property. The City shall have no obligation to take any action to clear defects in the title to the Redevelopment Property. (b) The City shall take no actions to encumber title to the Redevelopment Property between the moment the City acquires to the moment on which the City's Deed is delivered to the Redeveloper, it being understood that such conveyances will occur simultaneously. Section 3.5. Soil Conditions. The Redeveloper acknowledges that the City makes no representations or warranties as to the condition of the soils on the Redevelopment Property or its fitness for construction of the Minimum Improvements or any other purpose for which the Redeveloper may make use of such property. The Redeveloper further agrees that it will indemnify, defend, and hold harmless the City, its governing body members, officers, and employees, from any claims or actions arising out of the presence, if any, of hazardous wast or pollutants on the Redevelopment Property. /---'--- . Section 3.6. Purchase Price. (a) The City shall pay the~eveloper as p chase pric for the Redevelopment Properly the aggregate principal amount f 590,036.5 . Such pay nt shall be made entirely and exclusively in accordance with the term ee Limited Revenue Notes ("Notes") in substantially the form of the attached. These Notes are to be executed by the City and delivered to Redeveloper at Closing. Schedule DI, D2 and D3. (b) The purchase price to be paid by the Redeveloper for the reconveyance of the Redevelopment Property from the City shall be $1.00. Section 3.7. Taxes and Special Assessments. Redeveloper shall pay all taxes and installments of special assessments due and payable in years prior to the year of closing. Redeveloper shall pay all installments of taxes and special assessments due and payable in the year of Closing. Installments of special assessments due and payable in future years shall be responsibility of Redeveloper. Section 3.8. Other Costs. No cost, fee or other payment relating to any real estate transaction of any nature shall be payable by the City to any person or entity; and except as otherwise set forth in this Agreement, the City's entire obligation in connection with the purchase and sale of the Redevelopment Property shall be payment of the purchase price and reconveyance of the Redevelopment Property as provided in this Agreement. Section 3.9. Property Reconveved As Is. Redeveloper acknowledges that the City shall have no obligation to perform any site work in connection with the proposed transaction or otherwise. The City's only obligation hereunder is to reconvey the Redevelopment Property to the Redeveloper in the condition in which it was conveyed to the City. All site work, including, without limitation, grading, soil preparation and demolition of all structures and improvements shall be done by the Redeveloper at Redeveloper's cost. Section 3.10. Termination. In the event that all the preconditions to Closing have not been satisfied or waived by the party in whose favor the precondition runs, either party may give JBD122231 KG400-1 7 the other party ten day written notice of such defaults. If the other party does not cure such default within such ten day period, this Agreement may be declared null and void by either party and thereupon, neither party shall have any obligation or liability to the other hereunder. In the further event that the closing does not occur on or before , unless such date is extended by mutual written agreement of the parties, this Agreement shall automatically become null and void and thereupon neither party shall have any obligation or liability to the other hereunder. Section 3.11. Hearing Prior to Sale. As a further precondition to the City's obligations hereunder, the City shall hold all hearings and make all findings as may be required by law as a precondition to the transaction contemplated herein. Section 3.12. Assessment Agreement. At Closing, and as a precondition to the City's obligations, the parties shall execute an Assessment Agreement and the City shall secure the Assessor's Certification all in substantially the form of the attached Schedule B. At the time of execution, the instrument must have been executed by the county assessor. Subsequent to execution by the parties, the instrument shall be recorded as provided for in the instrument. JBD122231 KG400-1 8 ARTICLE IV Public Assistance Section 4.1. Construction of the Minimum Imorovements. Subject to the terms and conditions of this Agreement, the Redeveloper agrees to purchase the Redevelopment Property and if it constructs the Minimum Improvements on the Redevelopment Property, it will do so substantially in accordance with the Construction Plans. Should the Redeveloper construct the Minimum Improvements, it agrees to maintain, preserve and keep them in good repair and condition, subject to reasonable wear and tear and casualty excepted. Notwithstanding anything to the contrary set forth in this Agreement, the Redeveloper has no obligation to construct the Minimum Improvements. The Construction Plans must reasonably conform to the Preliminary Plans unless such nonconformity is approved by the City. The City agrees that it will promptly consider any proposed amendment to the Construction Plans, will not unreasonably withhold its approval of such proposed amendments and will approve the same if the amended plans: i) do not indicate a reduction in the market value of the improvements; and ii) in the reasonable judgment of the City, such amendment is in conformity with the applicable land use regulations of the City. Section 4.2. Form of Public Assistance. In order to facilitate the financial feasibility of the redevelopment of the Redevelopment Property and in consideration for the Redeveloper's fulfillment of its covenants and obligations under this Agreement, the City will provide to the Redeveloper a land-write down from the tax increments. The public assistance will be payable by the City in the form of a land-write down in an amount of $590,036.50 which shall be paid to the Redeveloper out of and only out of Available Tax Increment (as such term is described in the applicable Schedule D) generated by the Minimum Improvements constructed on the Redevelopment Property. Payments of the land write down shall be made solely in accordance with the terms of the applicable Schedule D. JBDl22231 KG400-1 9 ARTICLE V Tax Increment Section 5.1. Tax Increment Certification. The City has established the Tax Increment District pursuant to the Tax Increment Act. Section 5.2. Real Property Taxes: Special Assessments. The Redeveloper shall pay, in accordance with Section 3.7 herein, all ad valorem taxes and special assessments on the Redevelopment Property which are payable subsequent to closing on the sale of the Redevelopment Property. For the years 2000 through 2002 inclusive, this obligation shall also be a corporate obligation of the Redeveloper which shall continue for those years even if the Redeveloper sells the Redevelopment Property, unless the Redeveloper is released of its obligations under this Agreement. The Authority agrees that the Redeveloper is released from such corporate obligation in the event and to the extent that any transferee of the Redevelopment Property pays such taxes and special assessments. Section 5.3. Real Property Assessment. The Redeveloper shall not cause the Redevelopment Property to be removed from the public tax rolls or to become exempt from assessment for general real estate taxes by reason of any conveyance, lease, abatement or other action until the Termination Date. Section 5.4. Receipt of Tax Increment: Proof of Payment. The Redeveloper shall receive its annual tax increment payment from the City in as provided for in the Note. Section 5.5. Effect of Legislative Changes. The parties understand and acknowledge that certain legislation is currently being considered by the Minnesota Legislature which, if enacted, could limit or entirely remove the authority of the City to carry out its obligations hereunder including, without limitation, its obligations to make payments pursuant to the Limited Revenue Tax Increment Note. Redeveloper, for itself and its successors and assigns, understand and acknowledge that the City's obligations hereunder are entirely limited to the City's authority to act as such authority may be limited or removed from time to time. On the basis of the foregoing, the parties for themselves and their successors or assigns each agree that this Agreement, the Assessment Agreement and the Note shall automatically become null and void if the City's authority to act under this Agreement is completely removed. The parties for themselves and for their successors and assigns further agree that if the City's authority to carry out its obligation is materially impaired by legislative changes, the Redeveloper shall have the option to: i) terminate the Agreement, whereupon the parties will be relieved of any further obligations under this Agreement, the Assessment Agreement or the Note; or ii) agree to continue its performance hereunder and to accept the City's performance as limited. JBD122231dKG400-1 10 ARTICLE VI Additional Provisions Section 6.1. Equal Employment Opportunity. The Redeveloper, for itself and its successors and assigns, agrees that in the event the Minimum Improvements are constructed as provided for in the Agreement, it will comply with all applicable federal, state and local equal employment and nondiscrimination laws and regulations. Section 6.2. Restrictions on Use. The Redeveloper agrees for itself, and its successors and assigns, and every successodn interest to the Redevelopment Property, or any part thereof, that the Redeveloper, and such successors and assigns, shall devote the Redevelopment Property to, and only to and in accordance with, the land use regulations of the City of Chanhassen in effect on the date of the issuance of a building permit for construction of Minimum Improvements. Section 6.3. Provisions Not Merged With Deed. None of the prOVISIOns of this Agreement are intended to or shall be merged by reason of any deed transferring any interest in the Redevelopment Property. Section 6.4. Notices and Demands. Except as otherwise expressly provided in this Agreement, a notice, demand, or other communication under the Agreement or the deed by either party to the other shall be sufficiently given or delivered only if it is dispatched by registered or certified mail, postage prepaid, return receipt requested, or delivered personally; and (a) in the case of the Redeveloper, is addressed to or delivered to the Redeveloper at ; and (b) in the case of the City, is addressed to or delivered personally to the City at 690 Coulter Drive, Box 147, Chanhassen, Minnesota 55317, or at such other address with respect to either such party as that party may, from time to time, designate in writing and forward to the other as provided in this Section. Section 6.5. Disclaimer of Relationships. The Redeveloper acknowledges that nothing contained in this Agreement nor any act by the City or the Redeveloper shall be deemed or construed by the Redeveloper or by any third person to create any relationship of third-party beneficiary, principal and agent, limited or general partner, or joint venture between the City and the Redevel9per. Section 6.6. Covenants Running with the Land. The terms and provisions of this Agreement shall be deemed to be covenants running with the Redevelopment Property and shall be binding upon any successors or assigns of the Redeveloper and any future owners or encumbrances of the Redevelopment Property. Section 6.7. Modifications. This Agreement may be modified solely through written amendments hereto executed by the Redeveloper and the City. JBD122231 KG400-1 11 Section 6.8. Counterparts. This Agreement may be executed In any number of counterparts, each of which shall constitute one and the same instrument. Section 6.9. Assignment. The Redeveloper may at any time that it is not in default under this Agreement assign its rights and obligations hereunder to another entity which is acceptable to the City in its reasonable discretion. The assignment must be evidenced by an instrument in recordable form and acceptable to the City whereby the Redeveloper assigns and the assignee accepts all of the Redeveloper's rights and obligations hereunder. Section 6.10. Wage and Job Covenants. (a) By no later than two years after the first date on which the Redeveloper receives any payment under the note issued to Redeveloper pursu'i1..-. to Section 4.2 hereof, the Redeveloper shall create on the Redevelopment Property at least -JUU new jobs and the gross annual wages for all such employees of Redeveloper located on the Redevelopment Property shall be no less than $I........ahe Redeveloper shall submit to the City a written report by April 1 of each year a~ictfon of the Minimum Improvements describing employment and wages in sufficient detail to enable the City to determine compliance with this Section. (b) If the Redeveloper fails to comply with any of the terms of this Section, the Redeveloper shall repay the City, upon written demand from the City, any payments made to the Redeveloper under Section 4.2. Nothing in this Section shall be construed to limit the City's other remedies hereunder. IN WITNESS WHEREOF, the City has caused this Agreement to be executed in its corporate name by its duly authorized officers and sealed with its corporate seal; and the Redeveloper has caused this Agreement to be executed in its corporate name as of the date first above written. THE CITY OF CHANHASSEN, MINNESOTA (SEAL) By Nancy Mancino Its Mayor And Don Ashworth Its City Manager JBD122231 KG400-1 12 STATE OF MINNESOTA ) ) ss. COUNTY OF ) On this _ day of , 1998, before me, a Notary Public within and for said county, appeared Nancy Mancino and Don Ashworth, to me personally known, who being by me duly sworn, did say that they are respectively the Mayor and City Manager of the City of Chanhassen, Minnesota, a municipal corporation under the laws of the State of Minnesota, on behalf of the corporation. Notary Public JBD122231 KG400-1 13 REDEVELOPER: By Its By Its STATE OF MINNESOTA ) ) ss. COUNTY OF ) The foregoing instrument was acknowledged before me this _ day of 1998, by and , the and , a Minnesota on behalf of the of Notary Public JBD122231 KG400-1 14 SCHEDULE A to CONTRACT FOR PRIVATE REDEVELOPMENT REDEVELOPMENT PROPERTY LEGAL DESCRIPTION: Parcel A: Lot 1, Block 1, Chanhassen Pointe Business Center, Carver County. Parcel B: Lot 2, Block 1, Chanhassen Pointe Business Center, Carver County. Parcel C: Lot 3, Block 1, Chanhassen Pointe Business Center, Carver County. Note: Parcel designations are for convenience and do not constitute a part of the legal descriptions. JBD122231 KG400-1 A-I SCHEDULE B ASSESSMENT AGREEMENT and ASSESSOR'S CERTIFICATION By and among THE CITY OF CHANHASSEN and This Document was drafted by: KENNEDY & GRAVEN, CHARTERED 470 Pillsbury Center Minneapolis, Minnesota 55402 JBD122231 KG400-1 THIS AGREEMENT, dated as of this _ day of , 1998, by and between the CITY OF CHANHASSEN, a Minnesota municipal corporation (the "City") and , a Minnesota (the "Redeveloper"). WITNESSETH, that WHEREAS, on or before the date hereof the City and Redeveloper have entered into a Contract for Private Redevelopment (the "Contract") regarding certain real property located in the County of Carver, pursuant to which the City is to acquire certain property, hereinafter referred to as the Redevelopment Property and legally described in Attachment A hereto; and 1~ ,\)tl \) ~~~:4~ is contemplated that pursuant to said Contract the Redeveloper will construct are foot office, manufacturing, warehouse facility upon each of the three separate parcels which comprise the Redevelopment Property; and WHEREAS, the City and Redeveloper desire to establish a minimum market value for said land and the improvements to be constructed thereon, pursuant to Minnesota Statutes Section 469.177, Subdivision 8; and r\e~ WHEREAS, the City and the County Assessor fo1jJit- ilr.unty, have reviewed the preliminary plans and specifications for the improvements which it is contemplated will be erected; NOW, THEREFORE, the parties to this Agreement, in consideration of the promises, D covenants and agreements made by each to the other, do hereby agree as follows" ~ I ~ ~~I 00 1. The minimum market value which shall be assessed for each of the eparate parcels described in Attachment A, with the Minimum Improvements and ot er improvements constructed thereon shall upon substantial completion be not less than he parties to this Agreement expect that the construction of the above-referenced improvements will be entirely completed on or before December 31, 1998. 2. The minimum market value herein established remains in full force and effect until the date on which the City is no longer entitled to receive tax increment with respect to the Tax Increment District, at which time this Agreement shall terminate. 3. This Agreement shall be promptly recorded against each parcel by the Redeveloper with a copy of Minnesota Statutes Section 469.177, Subdivision 8, set forth in Attachment B hereto. Th~ Redeveloper shall pay all costs of recording. 4. Neither the preambles nor provisions of this Agreement are intended to, nor shall they be construed as, modifying the terms of the Contract between the City and the Redeveloper. 5. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of the parties. JBD122231 KG400-1 B-1 CITY OF CHANHASSEN By Nancy Mancino I ts Mayor By Don Ashworth Its City Manager By Its By Its STATE OF MINNESOTA ) ) ss COUNTY OF ) The foregoing instrument was acknowledged before me this _ day of 1998, by Nancy Mancino and Don Ashworth, the Mayor and City Manager, respectively, of the City of Chanhassen, a Minnesota municipal corporation, on behalf of the corporation. Notary Public STATE OF MINNESOTA ) ) SS. COUNTY OF ) The foregoing instrument was acknowledged before me this _ day of 1998, by of Minnesota a Notary Public JBD122231 KG400-1 B-2 CERTIFICATION BY COUNTY ASSESSOR The undersigned, having reviewed the plans and specifications for the improvements to be constructed and the minimum market value assigned to the land upon which the improvements are to be constructed, and being of the opinion that the minimum market value contained in the foregoing Agreement appears reasonable, hereby certifies as follows: The undersigned Assessor, being legally responsible for the assessment of the above described property, hereby certifies that the minimum market value assigned to such land and improvements commencing on December 31, 1998 (to be calculated on January 2, 1999) shall not be less fr JTL I J,uvl'Jl for each parcel until termination of this Agreement. .j ~, lo Z-5, DOO Assessor fo.e::.... '-I -eounty, Minnesota \'M,~ STATE OF MINNESOTA ) ) ss COUNTY OF CARVER ) The foregoing instrument was acknowledged before me this _ day of _, by , the County Assessor fo~ vcl County, Minnesota. (-.k~r'\ <'f f'.. Notary Public JBD122231 KG400-1 B-3 ATTACHMENT A Legal Description of Land REDEVELOPMENT PROPERTY: Parcel A: \t~ Lot 1, Block 1, Chanhassen Pointe Business centej.....d! ~ounty. Parcel B: . Lot 2, Block 1, Chanhassen Pointe Business centell~ounty. Parcel C: Lot 3, Block I, Chanhassen Pointe Business cente~unty. Note: Parcel designations are for convenience and do not constitute a part of the legal descriptions. JBD122231 KG400-1 B-4 A TT ACHMENT B Section 469.177, Subd. 8. Assessment agreements. An authority may, upon entering into a development or redevelopment agreement pursuant to section 469.176, subdivision 5, enter into a written assessment agreement in recordable form with the developer or redeveloper of property within the tax increment financing district which establishes a minimum market value of the land and completed improvements to be constructed thereon until a specified termination date, which date shall be not later than the date upon which tax increment will no longer be remitted to the authority pursuant to section 469.176, subdivision 1. The assessment agreement shall be presented to the county assessor, or city assessor having the powers of the county assessor, ofthe jurisdiction in which the tax increment financing district is located. The assessor shall review the plans and specifications for the improvements to be constructed, review the market value previously assigned to the land upon which the improvements are to be constructed and, so long as the minimum market value contained in the assessment agreement appears, in the judgment of the assessor, to be a reasonable estimate, shall execute the following certification upon such agreement: The undersigned assessor, being legally responsible for the assessment of the above-described property upon completion of the improvements to be constructed thereon, hereby certifies that the market value assigned to such land and improvements upon completion shall not be less than $ Upon transfer of title of the land to be developed or redeveloped from the authority to the developer or redeveloper, such assessment agreement, together with a copy of this subdivision, shall be filed for record and recorded in the office of the county recorder or filed in the office of the registrar of titles of the county where the real estate or any part thereof is situated. Upon completion of the improvements by the developer or redeveloper, the assessor shall value the property pursuant to section 273.11, except that the market value assigned thereto shall not be less than the minimum market value contained in the assessment agreement. Nothing herein shall limit the discretion of the assessor to assign a market value to the property in excess of the minimum market value contained in the assessment agreement nor prohibit the developer or redeveloper from seeking, through the exercise of administrative and legal remedies, a reduction in market value for property tax purposes; provided, however, that the developer or redeveloper shall not seek, nor shall the city assessor, the county assessor, the county auditor, any board of review, any board of equalization, the commissioner of revenue or any court of this state grant a reduction of the market value below the minimum market value contained in the assessment agreement during the term of the agreement filed of record regardless of actual market values which may result from incomplete construction of improvements, destruction or diminution by any cause, insured or uninsured, except in the case of acquisition or reacquisition of the property by a public entity. Recording or filing of an assessment agreement complying with the terms of this subdivision shall constitute notice of the agreement to any subsequent purchaser or encumbrancer of the land or any part thereof, whether voluntary or involuntary, and shall be binding upon them. JBD122231 KG400-1 B-5 SCHEDULE C [Blank] JBD122231 KG400-1 C-l SCHEDULE D-l $196,678.83 UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF CARVER THE CITY OF CHANHASSEN LIMITED REVENUE TAX INCREMENT NOTE The City of Chanhassen (the "City"), hereby acknowledges itself to be indebted and, for value received, promises to pay to the order of , a Minnesota , or its assigns (" It), solely from the Available Tax Increment generated by the Redevelopment Property and Minimum Improvements located on such parcel, to the extent and in the manner hereinafter provided, the amount of this Note, being $196,678.83, on the Payment Dates (as hereinafter defined) or such greater amount, if any, which the City is required to pay in accordance with the terms of this Note. Each payment on this Note is payable without interest and in any coin or currency of the United States of America which on the date of such payment is legal tender for public and private debts and shall be made by check or draft made payable to and mailed to at its postal address within the United States which shall be designated from time to time by The Note is a special and limited obligation and not a general obligation of the City, which has been issued by the City to aid in financing a "project", as defined in Minnesota Statutes Section 469.174, of the City consisting generally of defraying certain capital and administration costs incurred and to be incurred by the City within and for the benefit of its Redevelopment Project (the "Project"), and Tax Increment Financing District (the "District"). EXCEPT AS TO THE OBLIGATION TO MAKE PAYMENTS FROM TAX INCREMENT, THE NOTE IS NOT A DEBT OF THE CITY OF CHANHASSEN, OR THE STATE OF MINNESOTA (THE "STATE"), AND NEITHER THE CITY OF CHANHASSEN, THE STATE NOR ANY POLITICAL SUBDIVISION THEREOF SHALL BE LIABLE ON THE NOTE, NOR SHALL THE NOTE BE PAYABLE OUT OF ANY FUNDS OR PROPERTIES OTHER THAN AVAILABLE TAX INCREMENT, AS DEFINED BELOW. Any payments on this Note which are due on any Payment Date shall be payable solely from and only to the extent that the City shall have received as of such Payment Date "Available Tax Increment." For the purpose of this Note, "Available Tax Increment" means any Tax Increment generated in the years through _ inclusive (or such longer time as provided for in this Note) and received during the six (6) month period preceding a Payment Date, after deducting therefrom the following amounts: J8D122231 KG400-1 D-1 (i) any payment made to with respect to previous Payment Dates, and of amounts due hereunder (ii) any amounts used to pay any amount pledged for the payment of tax increment general obligation bonds issued by the City prior to the date hereof. (iii) any amounts needed to make payments to a school district pursuant to Minnesota Statutes, ~ 469.177, subd. 10. (iv) any amounts required to make fiscal disparities contributions and school aid contributions. For the purposes of this Note, "Tax Increment" means the portion of the real property taxes generated with respect to the Parcel A said Redevelopment Property and Minimum Improvements constructed on Parcel A which is remitted to the City commencing in 1997, as Tax Increment pursuant to Minnesota Statutes ~ 469.174-469.179. For purposes of this Note, a "Payment Date" shall mean each of the Scheduled Payment Dates set forth on Exhibit A attached hereto, and each additional Payment Date required in connection with any extension of the term of this Note as set forth below, because of changes made in Minnesota Statutes ~~ 469.174-469.179. Notwithstanding anything to the contrary in this Note, on each of the Payment Dates, the City shall pay to - all of the Available Tax Increment up to the amount of the Scheduled Payment; but in no event shall the aggregate of all such payments be in excess of $196,678.83. To the extent that on any Payment Date the City is unable to make a payment from Available Tax Increment at equal to the Scheduled Payment due on such date as a result of having received, as of such date, insufficient Available Tax Increment, such failure shall not constitute a default under this Note and, except as provided below, the City shall have no obligation under this Note, or otherwise, to subsequently pay any such deficiency. If, and only if, on any Payment Date there is insufficient Available Tax Increment to make the Scheduled Payment due on such date and such insufficiency is a result of changes made in Minnesota Statutes ~~ 469.174-469.179 subsequent to the date of the Contract for Private Redevelopment dated between the City and (the "Redevelopment Contract"), the amount of such deficiency in the Scheduled Payment shall be deferred and shall be paid on the next Payment Date on which the City has Available Tax Increment in excess of the amount necessary to make the Scheduled Payment due on such Payment Date, and if such deficiency has not been paid in full by the final Scheduled Payment Date set forth on Exhibit A attached hereto, then the term of this Note shall be extended to include additional successive Payment Dates on which any Available Tax Increment will be applied to the payment of such accrued and unpaid deficiencies in the Scheduled Payments to be made hereunder. In no case, however, shall the term of this Note and the City's obligation to make payments hereunder, extend beyond the last date upon which the City receives tax increment based upon construction of the Minimum Improvements or the expiration of the Tax Increment District, whichever comes first. This Note shall not be payable from or constitute a charge upon any funds of the City of Chanhassen, and the City shall not be subject to any liability hereon or be deemed to have JBD122231 KG400-1 D-2 obligated itself to pay hereon from any funds except the Available Tax Increment, and then only to the extent and in the manner herein specified. shall never have or be deemed to have the right to compel any exercise of any taxing power of the City or of any other public body, and neither the City nor any council member, officer, employee or agent of the City, nor any person executing or registering this Note shall be liable personally hereon by reason of the issuance or registration hereof or otherwise. This Note shall not be transferable or assignable, in whole or In part, by without the prior written consent of the City. This Note is given subject to the limitation contained in Section 5.5 ofthe Redevelopment Contract. IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions, and things required by the Constitution and laws of the State of Minnesota to be done, to have happened, and to be performed precedent to and in the issuance of this Note have been done, have happened, and have been performed in regular and due form, time, and manner as required by law; and that this Note, together with all other indebtedness of the City outstanding on the date hereof and on the date of its actual issuance and delivery, does not cause the indebtedness of the City to exceed any constitutional or statutory limitation thereon. IN WITNESS WHEREOF, the city councilor the City of Chanhassen has caused this Note to be executed by the manual signatures of the Mayor and the City Manager of the City and has caused this Note to be dated as of Nancy Mancino, Mayor Don Ashworth, City Manager JBD122231 KG400-1 D-3 EXHIBIT A Scheduled Payment Dates and Amounts of Scheduled Payments Scheduled Payment Dates Scheduled Payments) July 31, 2000 December 31, 2000 July 31, 2001 December 31, 2001 July 31, 2002 December 31, 2002 $32,779.80 32,779.80 32,779.80 32,779.80 32,779.80 32,779.80 IScheduled payments are to be made up to these amounts but only from Available Tax Increment. JBD122231 KG400-1 D-4 EXHIBIT B Description of Parcel A PARCEL A Lot 1, Block 1, Chanhassen Pointe Business Center, Carver County, Minnesota. JBD122231 KG400-1 D-5 February 8, 1998 Hennepin County DEVELOPMENT PROPOSAL FOR CHANHASSEN POINTE BUSINESS CENTER Three Buildings at 75,000 Square Feet Office, Manufacturing And Warehouse Facilities Lot 1, Block 1, Chanhassen Pointe Business Center Lot 2, Block 1, Chanhassen Pointe Business Center Lot 3, Block 1, Chanhassen Pointe Business Center New Minimum Market Value: $2,625,000.00 - 150,000.00 Added Improvements $2,475,000.00 Fiscal Disparities % x 4.0% $ 99,000.00 x .455003 $ 45,045.30 x 133.229% Tax Capacity % Industrial $ 60,013.41 $ 99,000.00 - 45,045.30 $ 53,954.70 x 131. 788 Tax Capacity % Residential $ 71,105.82 $ 60,013.40 + 71,105.82 $ 131 , 119.22 2 (Minus 50% for school aid $ 65,559.61 contributions and fiscal disparities) x 3 years $ 196,678.83 Total Annual Taxes Total Incentives Payments back to Developer 2000 2001 2002 Building I $65,559.61 $65,559.61 $65,559.61 Building II $65,559.61 $65,559.61 $65,559.61 Building III $65,559.61 $65,559.61 $65,559.61 Total Incentives $196,678.83 $196,678.83 $196,678.83 Total Note $196,678.83 x 3 buildings $590,036.49 ~#3 - ~