Agenda - Council - 12/13/1994 - Laserfiche WebLink

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Draft 12/8/94 THIS AGREEMENT, made and entered as of this ~ day of 199 , 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 Corporation having its principal office at 2202 North Ferry Street, Anoka, Minnesota 55303 ("Developer"). WITNESSETH: WHEREAS, the City has created and established Development District No. 1 "District"); and WHEREAS, pursuant to the Acts, the City bas adopted a development district program ("Program") to finance all or a portion of the public development costs of the District; and WHEREAS, in order to achieve the objectives of the Program 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 development as hereinafter defined within the District which the City has determined will promote and carry out the objectives for which development in the District has been undertaken, will assist in carrying out the obligations of the Program, will be in the best interests of the City, and the health, safety, morals and welfare of its residents, and is in accord with the public purposes and provisions of the applicable state and local laws and requirements under which development in the District has been undertaken and is being assisted. NOW, THEREFORE, in consideration of the mutual covenants and obligations of the City and the Developer, each party does hereby represent, covenant and agree with the other as follows: Page 2