Agenda - Council - 09/24/1996 - Laserfiche WebLink

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PROPERTY AGREEMENT This Agreement, made and entered into this day of 1996, by and between the City of Ramsey, a Minnesota municipal corporation having its principal office at 15153 Nowthen Boulevard Northwest, Ramsey, Minnesota 55303 (City) and Anoka Electric Cooperative (AEC), a Minnesota cooperative having its principal office at 2202 North Ferry Street, Anoka, Minnesota 55303 (Owner); WlTNESSETH: WHEREAS, pursuant to M.S. §69.124 through §469.134, the City has created City Development District No. 1 (Development District) and, pursuant to M.S. §469.174 through §469.179, has es'tablished Tax Increment Financing District No. 6 (TIF District); and WHEREAS, the City has adopted a development program (Program) and tax increment f'mancing plan (TIF Plan) for the Development District and TIF District, which Program and TIF Plan call for the City to perform certain site improvements (Site Improvements) for property located in the City and as legally described in Exhibit A of this Agreement ("Development Property"); and WHEREAS, the nature of the development of the Development Property would not occur but for the involvement of the City; and WHEREAS, the City, due to its considerable investment in infrastructure, desires to encourage the timely development of the proposed Development Property; and WHEREAS, the City desires to have assurance that the Owner provide for the timely development of the TIF District after the completion of the Site Improvements by the City. NOW, THEREFORE, in consideration of the mutual covenants and obligations, the parties (City and the Owner) do hereby agree as follows: For completion of the infrastructure projects to serve the Development Property, the owner will dedicate to the City the following property: · Outlot C, AEC ENERGY PARK, Anoka County, Minnesota. · Outlot D, AEC ENERGY PARK, Anoka County, Minnesota. · The portion of Lot 1, Block 4, AEC ENERGY PARK, Anoka County, Minnesota, according to the record plat thereof. Described as follows: Beginning at the southeast comer of said Lot 1; thence South 89 degrees 27 minutes 06 seconds West, assumed bearing, along the South line of said Lot 1, a distance of 235.00 feet; thence North 14 degrees 18 minutes 21 seconds East a distance of 331.37 feet4 thence North 76 degrees 29 minutes 47 seconds East a distance of 80.00 feet to the east line of said Lot 1; thence southerly along said east line to the point of beginning. I' I I I I I I I I I I I I I: I I I I I