Agenda - Council - 08/13/2012 - Laserfiche WebLink

Home

EXIIIBIT F LIEN AGREEMENT This Agreement, made and entered into this 22nd day of January, 2008, by and between the City of Ramsey, a Minnesota municipal corporation, having its principal office at 7550 Sunwood Drive Northwest, Ramsey, Minnesota 55303 (the "City") and ASSET RESOURCES AND ACQUISITION, LLC, A MINNESOTA LIMITED LIABILITY COMPANY, having its principal office at 9243 East River Road, Coon Rapids, MN 55433 (the "Developer"); WITNESSETH: WHEREAS, pursuant to M.S. §469.124 through §46.9.134, the City has created City Development District No. 1 ("Development District") and, pursuant to M.S. §469.174 through §469.179, has established Tax Increment Financing District No. 2 ("TIF' District"); and WHEREAS, the City has adopted a development program ("Program") and tax increment financing plan ("TIF 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 Developer to construct certain permanent improvements ("Minimum Improvements") on property located in the City and legally described as: Lot 5, Block 4, Gateway North Industrial Park Plat 2 (the "Development Property"); and WHEREAS, the nature of the Site Improvements to be performed by the City and of the Minimum Improvements to be constructed by the Developer on the Development Property are fully detailed in that certain Contract for Private Development dated January 22, 2008 between the City and the Developer (the "Agreement"); and WHEREAS, the City desires to have assurance that the Developer will complete the Minimum Improvements following installation of the Site Improvements by the City. NOW, THEREFORE, in consideration of the mutual covenants and obligations of the City and the Developer, the parties agree as follows: 1. As security for the Financial Assistance granted to the Developer including the Public Improvements installed on the Development Property by the City and for the benefit of the Development Property, the Developer grants to the City and the City does have a lien on the Development Property. 2. The lien is in the amount of One Hundred Fifty Thousand and 00/100's Dollars ($150,000.00), which amount the parties agree represents the City's cost for providing the Financial Assistance (the "Lien"). 3. The Lien shall be repaid to the City by Developer within 90 days of the completion date of the Public Improvements by the City unless, within such 90 days, the Developer completes construction of the Minimum Improvements. Payment of the Lien shall be suspended during any time in which the Developer is making substantial progress on construction of the Minimum Improvements. If the Developer fails to make substantial 39