03.06 BLADC Agreement - Laserfiche WebLink

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c) BLADC will provide the City of Pequot Lakes with Tax Increment Financing assistance. It is a mutual understanding between the City of Pequot Lakes and BLADC that an additional fee may be charged for Tax Increment Financing work by BLADC. (It is not uncommon for cities to require the developer to escrow funds to cover all of their costs associated with the TIF project.) d) BLADC does hereby agree to maintain an office within the Brainerd Lakes area to conduct its services under this contract. e) BLADC will provide bi-monthly reports to the city on the activities and progress to fulfill the services identified above. f) A BLADC representative will attend City Council meetings whenever appropriate or requested by the City Council. II. TERM OF CONTRACT The term of this contract shall be one year, commencing January 1, 2004, and terminating on December 31, 2004. III. COMPENSATION The City of Pequot Lakes agrees to pay to BLADC $5,000 for these services, payable in payments of$2,500 on or about July 1, 2004 and December 1, 2004. III. REPRESENTATION a) The City of Pequot Lakes does hereby acknowledge that BLADC will be conducting similar and complimentary services throughout the 1,000 square miles of Crow Wing County. This acknowledgment recognizes that when BLADC successfully helps a company expand or locate in Crow Wing County, it ultimately helps the community of Pequot Lakes. Depending on the locality of the business,there could be employment opportunities for residents in your area and increased spending with local businesses. With the expansion of the economic base of Crow Wing County, it enables the community to stabilize and hopefully lower property taxes, and allow an expansion and enrichment of community amenities such as parks, service programs and the like. b) Each party to this agreement binds himself and his partners, successors, executors, administrators, and assigns to the other party of this agreement and to the partners, successors, executors,administrators, and assigns of such other party, in respect to all covenants of this agreement. Except as above,neither party shall assign, sublet, or transfer his interest in this agreement without the written consent of the other. Nothing herein shall be construed as creating any personal liability on the part of any officer or agent of any public body which may be party hereto,nor shall it be construed as giving any rights or benefits hereunder to �' anyone other than the parties to this agreement.