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Draft 1/4/95 <br /> <br /> TH/S A(}REEMENT, made and entered as of this __ day of ,,, 1995, <br />by and between ~ City of Ramsey, a Minnesota municipal corporation, having its pl~a-tcipal office <br />at 15153 Nowthe~ Boulevard Northwest, Ramsey, Minnesota ("City"), and Wendell's, Inc., a <br />Minnesota Co,~rj~ation h,a, ving its principal office at 2424 East Franklin Avenue, Minneapolis, MN <br />55406-0024 ("Developer '). <br /> <br />WITN£SBETH: <br /> <br /> WHEREAS, the City has created and established Development District No. 1 ("District") <br />and Tax Incremer~t Financing District No. 2 CTIF District") pursuant to the authority granted in <br />Minnesota Statutes, Sections 469.124 through 469.134 and Sections 469.174 through 469.i79; <br />(collectively, "the Acts"); and <br /> <br /> WHEREAS, pursuant to the Acts, the City has adopted a development district program <br />("Program") and ~ tax increment financing Plan ("TIF Plan") to finance all or a portion of the <br />public development costs of the Districg and <br /> <br /> WHERE&S~, in order to achieve the objectives of the Program and TIF Plan as hereinafter <br />defined and particdlarly to make land in the District available for development by private enterprise <br />for and in accor .d~ ce with the Program, the City has determined to provide substantial aid and <br />assistance throughlthe sale of bonds and other obligations to finance public development costs in <br />the District; and <br /> <br /> WHEREA~, the Developers have proposed a development as hereinafter def'med within <br />the District which ~the City has determined will promote and carry out the objectives for which <br />development in th~ District has been undertaken, will assist in carrying out the obligations of the <br />Program and TIF klan, will be in the vital best interests of the City, and the health, safety, morals <br />and welfare of itslresidents, and is in accord with the public purposes and provisions of the <br />applicable state and local laws and requirements under which'development in the District has been <br />undertaken and is l:ieing assisted. <br /> <br /> NOW, THEREFORE, in consideration of the mutual covenants and obligations of the <br />City and the Develbper, each party does hereby represent, covenant and agree with the other as <br />follows: <br /> <br />Page 2 <br /> <br /> <br />