Common use of Developer’s Undertakings Clause in Contracts

Developer’s Undertakings. During the term of this Agreement the Developer shall do the following: (a) There are no businesses located in the project area, so no relocation plan is required. (b) Within 30 days after the date of this Agreement submit an application for any financial assistance to the City which shall include, in addition to any information required by the City’s application, a statement of the sources and uses, including any public financial assistance which may be requested by the Developer, for the construction of the Development and a pro forma detailing all costs of the Development and including the income that is anticipated to be generated by the commercial portion of the Development. The pro forma shall be in such detail and form as would be acceptable to a lender being asked to provide mortgage financing for the Development. The Developer shall provide to the City such additional information as the City and its financial consultant may require to allow the City and its financial consultant to undertake a “but for” analysis for purposes of the Minnesota law. The Developer understands that if the City considers providing tax increment assistance or tax abatement assistance for the Development such assistance will only be provided on a “pay as you go” basis by which tax increment or tax abatements would be made available as it is generated by the Development, and the City will not be obligated to make payments to the Developer if the actual tax increment or tax abatements received from the project are less than expected. (c) Within 30 days after the date of this Agreement, the Developer shall do the following: (i) submit to the City a proposed schedule for all phases of the Development, including without limitation, the timing of the closing on financing and the various stages of construction; (ii) submit to the City a report by the Developer’s engineer describing the nature and location of any public improvements that it will be necessary to construct as a result of the construction of the Development; and (iii) complete a concept review of the proposed Development by the City’s Zoning and Planning Commission and City Council as required by the City Code. (d) Within 45 days after the date of this Agreement, the Developer shall do the following: (i) hold a public meeting with written notice being provided to all owners of property which is adjacent to the Property to discuss the Development and to hear and respond to such parties’ concerns. The City will provide the Developer a mailing list of property owners to be notified of the meeting; and (ii) submit to the City a formal development proposal including a narrative description of the proposed Development and specific information on the Developer’s background and experience with similar redevelopment projects. Such proposal shall also include references including contact persons at other cities in which the Developer has completed projects. (e) Within 60 days after the date of this Agreement, the Developer shall do the following: (i) submit to the City a refined site plan for the Development showing the size, nature, and location of the proposed Development, including parking, access points off of roadways, access points to parking, locations of building, landscaping, other exterior improvements and such other matters as the City may require, and elevation and perspective drawings for the Development, showing the elevations of the buildings as seen from all streets. The design of the Development shall be consistent with the City’s architectural standards for the area, a copy of which standards are attached to this Agreement as Exhibit B; and (ii) submit to the City a letter from a financial institution stating a preliminary commitment to provide financing for the Development. (f) Every two weeks during the term of this Agreement, the Developer shall provide to the City written status reports on its activities under this Agreement and will attend, on a monthly basis or as otherwise requested, meetings of the City Council or Housing and Redevelopment Authority to discuss the Development. All of the activities described above shall be performed at the sole expense of the Developer unless expressly stated otherwise.

Developer’s Undertakings. During the term of this Agreement the Developer shall do the following: (a) There are no businesses located in on the project areaProperty, so no relocation plan is required. (b) Within 30 days after the date of this Agreement submit an application for any financial assistance Agreement, the Developer shall do the following: (i) Submit to the City which shall include, in addition to any information required by the City’s application, a statement of the sources and usesuses and profit of all funding, including any public financial assistance City Participation which may be requested by the Developer, for the construction of the Development and a revised pro forma detailing all costs of the Development and including the income that is anticipated to be generated by the commercial portion of the Development. The pro forma shall be in such detail and form as would be acceptable to a lender being asked to provide mortgage financing for the Development. The Developer shall provide to the City such additional information as the City and its financial consultant may require to allow the City and its financial consultant to undertake a “but for” analysis for purposes of the Minnesota lawtax increment financing laws. The Developer understands that if the City considers providing tax increment assistance or tax abatement is able to provide financial assistance for the Development Development, the preference is to provide such assistance will only be provided on a “pay as you go” basis by which tax increment or tax abatements financial assistance would be made available as it is generated by the Development, and the City will not be obligated to make payments to the Developer if the actual tax increment or tax abatements revenues received from the project are less than expected. (ii) Submit to the City financial statements, in a form acceptable to the City, for Developer and Developer’s owners. (c) Within 30 60 days after the date of this Agreement, the Developer shall do the following: (i) submit to the City a proposed schedule for all phases of the Development, including without limitation, the timing of the closing on financing and the various stages of construction; (ii) submit to the City a report by the Developer’s engineer describing the nature and location of any public improvements that it will be necessary to construct as a result of the construction of the Development; and; (iii) complete a concept review of the proposed Development by the City’s Zoning and Planning Commission and City Council as required by the City Code.; (d) Within 45 days after the date of this Agreement, the Developer shall do the following: (iiv) hold a public meeting an informational meeting, if Developer desires, with written notice being provided to all owners of property which is adjacent to the Property to discuss the Development and to hear and respond to such parties’ concerns. The City will provide the Developer a mailing list of property owners to be notified of the meetingconcerns and questions; and (iiv) submit to the City a formal development proposal including a narrative description of the proposed Development and specific information on the Developer’s background and experience with similar redevelopment projects. Such proposal shall also include references including contact persons at other cities in which the Developer has completed projects. (e) Within 60 days after the date of this Agreement, the Developer shall do the following: (i) submit to the City a refined site plan for the Development showing the size, nature, and location of the proposed Development, including parking, access points off of roadways, access points to parking, locations of building, landscaping, other exterior improvements and such other matters as the City may require, and elevation and perspective drawings for the Development, showing the elevations of the buildings as seen from all streets. The design of the Development shall be consistent with the City’s architectural standards for the area, a copy of which standards are attached to this Agreement as Exhibit B; and (iivi) submit to the City a letter from a financial institution stating a preliminary commitment to provide financing for the Development. (fd) Every two weeks during the term of this Agreement, the Developer shall provide to the City written status reports on its activities under this Agreement and will attend, on a monthly basis or as otherwise requested, meetings of the City Council or Housing and Redevelopment Authority HRA to discuss the Development. All of the activities described above shall be performed at the sole expense of the Developer unless expressly stated otherwise.