Agenda - Council - 08/11/1998 - Laserfiche WebLink

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THIS AGREEMENT, made and entered as of this__day of . 199g, by and between the City of Ramsey, a Minnesola municipal eorporalion, having ils principal off]ce at 15153 Nowthen Boulevard Northwest, Ramsey, Minnesota (~City"), Building Fasleners, a Minnesota Corporation having its principal office at 2827 Anlhony Lane South, Minneapolis, Minnesota 55418 ("Developer"). WITNESSETH: WHEREAS, the City has created and established Development Districl No. I ("District") and Tax Increment Finnneing D/strict No. 6 CTIF Distrim") pm'sunni Io the authority gt'anled in Minnesota SIatutes, Sections 469.124 through 469.134 and Sections 469.174 lhrough 469. 179; (collectively, "the Acts"); and WHEREAS, pursuant to Ihe Acts, the City has adopted a Development Distficl Program ("Program") and a Tax Increment Financing Plan CTIF Plan") to finance all or a portion of the public development costs of the District; and WHEREAS, in order to achieve tile objectives of tile 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 dcvclopnlent, as hereinafter defined within the District, which the City has delermined will promote and can'y oul the objectives lyf which development in the District has been undertaken, will assist in cm'ying ottl the obligations of the Program and TIF Plan, will be in the vital best interests of the City, and the health, safety, morals and welfare of ils residents, and is in accord with the public purposes and provisions of the applicable slate and local laws and requirements under which development in the District has been unde,'taken and is being assisted. WHEREAS, the City intends to construcl ce,~lain inlprovements listed in the Capital Improvement Program including, but not limited to~ additional wells and water lowers, 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 pm'ty does hereby repmmnt, covenant and agree with the other as follows: Page 2