Agenda - Council - 01/25/2000 - Laserfiche WebLink

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DEVELOPMENT AGREEMENT THIS AGREEMENT, made as of the 1st day of , 1999, by and between the City of Ramsey, Minnesota (the ~'City"), a municipal corporation organized and existing under the laws of the State of Minnesota and RAMSEY B&B L.L.C. (the "Developer") . WITNESSETH: WHEREAS, pursuant to Minnesota Statutes, Section 469.124 through 469.134, the City has formed Development District No. 1 (the "Development District") and has adopted a development program therefor (the "Development Program"); and WHEREAS, pursuant to the provisions of Minnesota Statutes, Section 469.17~ through 469.179, as a~,qended, (hereinafter the "Tax increment Act"), the Cit~:, has created, within th~ Development District, Tax Increment Financing District No. (the ~rement District"), the legal description of ~ich is att~'ched hereto as Exhibit A, and ]~.~.s adopted an amended ~nd restated tax increment financing plan.~ dated , 1999, therefor "'~a~: Increment Plan") which provides for the us~ of tax increment fznancing in ._~'onnection with' certain development ~ithin the De~elopment District; and WHEREAS. in order to achieve ti~e objectiveu of the De%elopment Program and L~rticutarly to make the land in the Development District available for development by private enterprise in conformance with the ~evelopment Program, the City has determine~ to assist the Developer with the financing oz certain costs of a Project (,~s hereirsfter defined) to be constructed within the Ta~: Increment District z's more parti.~u!arly set forth in this Agreeme.~'zt; and WHEREAS, the City believes that the developm, ent and construction of the Project,' and fulfillment of this Agreement are vital and are in the best interests of the City, the health.. safety, morals and welfare of residents of the City, and in accordance with the public purpose and provisions of the applicable state and local laws and requirements under which the Project has been undertaken and is being assisted. 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: 1062445.4 I I i I I I I I I I I I I, I i ! I I I