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Draft 9/8/94 <br /> <br />Exhibit F <br /> <br />LIEN AGREEMENT <br /> <br /> This Agreement, made and entered into this __ day of , <br />1994, by and between the City of Ramsey, a Minnesota municipal corporation having its principal <br />office at 15153 Nowthen Boulevard N.W., Ramsey, Minnesota (City), and Bison Properties, <br />LLC, a Minnesota general partnership having its principal office at 9745 103rd Avenue North, <br />Maple Grove, Minnesota 55369 (Owner); <br /> <br />WITNESSETH: <br /> <br /> WHEREAS. pursuant to Minnesota Statutes, Sections 469.124 through 469.134, the <br />City has created City Development District No. 1 (Development District) and, pursuant to <br />Minnesota Statutes, Sections 469.174 through 469.179, has established Tax Increment Financing <br />District No. 2 (TIF District); and <br /> WHEREAS, the City has adopted a development program (Program) and tax increment <br />financing plan (TIF Plan) for the Development District and T[F District, which Program and TIF <br />Plan call for the City to perform certain site improvements (Site Improvements) and for the Owner <br />to construct certain permanent improvements (Minimum Improvements) on property located in the <br />City and legally described as Lot 1, Block 1, Gateway North'industrial Park Plat 4 (R27-32-25- <br />44-0015) (Development Property); and <br /> WHEREAS, the nature of the Site h-nprovements to be performed by the City and of the <br />Minimum Improvements to be constructed by the Owner on the Development Property are fully <br /> <br />detailed in that certain Contract for Private Development dated between the <br />City and the Owner; and <br /> <br /> WHEREAS, the City desires to have assurance that the Owner will complete the <br />Minimum Improvements following installation of the Site Improvements by the City. <br /> <br /> NOW, THEREFORE, in consideration of the mutual covenants and obligations the City <br />and the Owner, the parties do hereby agree as follows: <br /> <br />As security for the Site Improvements installed on the Development Property by the City, <br />the Owner hereb,, grants and the City hereby does have an option of First Right of <br />Purchase for the Property. <br /> <br />The option is in the amount of $20,000, which amount the parties a~ee represents the <br />City's cost for repurchasing the property. - <br /> <br />Page 32 <br /> <br /> <br />