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Draft 9/8/94 <br /> <br /> THIS AGREEMENT, made and entered as of this ~day of , <br />1994, by and between the CITY OF RAMSEY, a Minnesota municipal corporation, having its <br />principal office at 15153 Nowthen Boulevard NW, Ramsey, MN ("City"), and Bison Properties, <br />LLC., a Minnesota general partnership having its principal office at 9745 - 103rd Avenue North, <br />Maple Grove, MN 55369 "Developer"). <br /> <br />WITNESSETIt <br /> <br /> WHEREAS, the City has created and established Development District No. 1 ("District") <br />and Tax Increment Financing District No. 2 ("TIF District") pursuant to the authority granted in <br />Minnesota Statutes, Sections 469.124 through 469.134 and Sections 469.174 through 469.179; <br />(collectively, "the Acts"); and <br /> <br /> WHEREAS, pursuant to the Acts, the City has adopted a development district program <br />("Program") and a tax increment financing Plan ("TIF Plan") to finance all or a portion of the <br />public development costs of the District; and <br /> <br /> WHEREAS, in order to achieve the objectives of the Program and TIF Plan as hereinafter <br />defined and particularly to make land in the District available for development by private enterprise <br />for and in accordance with the Program, the City has determined to provide substantial aid and <br />assistance through the sale of bonds and other obligations to finance public development costs in <br />the DiStrict; and <br /> <br /> WHEREAS, the Developers have proposed a development as hereinafter defined within <br />the District which the City has determined will promote and carry out the objectives for which <br />development in the District has been undertaken, will assist in carrying out the obligations of the <br />Program and TIF Plan, will be in the vital best interests of the city and the health, safety, morals <br />and welfare of its residents, and is in accord with the publ!c 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 being assisted. <br /> <br /> NOW, THEREFORE, in consideration of the n'mtual covenants and obligations of the <br />City and the Developer, each party does hereby represent, covenant and agree with the other as <br />follows: <br /> <br />Page 2 <br /> <br /> <br />