Agenda - Council - 03/24/1998 - Laserfiche WebLink

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DRAFT 3/18/98 THIS AGREEMENT, made and entered as of this 24th day of March, 1998, by and between the City of Ramsey, a Minnesota municipal corporation, having its principal office at 15153 Nowthen Boulevard Northwest, Ramsey, Minnesota ("City"), Peck Construction, Inc., a Minnesota Corporation having its principal office at 1548 - 164th Lane NE, Ham Lake, Minnesota ("Developer"). WITNESSETH: WHEREAS, the City has created and established Development District No. 1 ("District") and Tax Increment Financing District No. 2 ("TIF District") pursuant to the authority granted in Minnesota Statutes, Sections 469. I24 through 469.134 and Sections 469.174 through 469.179; (collecfively, "the Acts"); and WHEREAS, pursuant to the Acts, the City has adopted a Development District Program ("Program") and a Tax Increment Financing Plan ("TIF Plan") to finance all or a portion of the public development costs of the District; and WHEREAS, in order to achieve the objectives of the Program and TIF Plan as hereinafter defined and particularly to make land in the District available for development by private enterprise for and in accordance with the Program, the City has determined to provide substantial aid and assistance through the sale of bonds and other obligations to finance public development costs in the District; and WHEREAS, the Developers have proposed a development as hereinafter defined within the Distr/ct which the City has determined will promote and carry out the objectives for which development in the District has been undertaken, will assist in carrying out the obligafions &the Program and TIF Plan, will be in the vital best interests of the City, and the health, safety, morals and welfare of its residents, and is in accord with the public purposes and provisions of the applicable state and local laws and requirements under which development in the District has been undertaken and is being assisted. WHEREAS, the City intends to construct certain improvements listed in the Capital Improvement Program including, but not limited to, additional wells and water towers, using the increments generated by the projects constructed in the Tax Increment Financing Districts. NOW, THEREFORE, in consideration of the mutual covenants and obligations of the City and the Developer, each party does hereby represent, covenant and agree with the other a~ follows: Page 2 I I I l I I I i I I I I I I I I I I