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

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Draft 12/8/94 Exhibit E LIEN AGREEMENT This Agreement, made and entered into this day of 1994, 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 Su'eet, Anoka, Minnesofa 55303 (Owner); WITNESSETII: WIIERE~AS, pursuant to M.S. §69.124 through §469.134, the City has created City ) . Development D[str,ct No. 1 (Development District) and, pursuant to M.S. §469.174 through §469.179, has established Tax Increment Financing District No. 1,2 and 4 (TIF District); and WHEREAS, the City has adopted a development program (Program) and tax increment financing plan (TqF Plan) for the Development District and TIF District, which Program and TIF Plan call for the City to perform certain site improvements (Site Improvements) and for the Owner to construct certain permanent improvements (Minimum Improvements) on property located in the City and legally described in Attachment A hereto ("Development Property"); and WItERE~S, the nature of the Site Improvements to be performed by the City and of the Minimum hnpro3ements to be constructed by the Owner on the Development Property are fully detailed in that ce~ain Contract for Private Development dated between the City and the Owner; and WHERE:AS, the City desires to have assurance that the Owner will complete the Minimum Improvements following installation of the Site Improvements by the City. ? NOW, T}IEREFORE, in consideration of the mutual covenants and obligations, the City and the Owner, the parties do hereby agree as follows: 1. As security for the Site Improvements installed on the Development Property by the City, the Owner!hereby grants and the City hereby does have a lien on the Property. 2. The lien is~in the amount of $318,234, which amount the parties agree represents the City's cost for performing the benefit of the extension of municipal utilities to the property. 3. The lien s~hall be repaid to the City at the time the Certificate of Occupancy is issued. Notwithstanding any other provision herein to the contrary, the lien may become immediate}y due and payable in full if the improvements are not completed by July 1, 1996. The lien sh~ll become null and void upon issuance by the City of a Certificate of Occupancy for the Min)mum Improvements. Page 23