Agenda - Council - 01/14/2014 - Laserfiche WebLink

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Exhibit F LIEN AGREEMENT This Agreement, made and entered into this 26th day of June. 2006, by and between the City of Ramsey, a Minnesota municipal corporation, having its principal office at 7550 Sunwood Drive NW, Ramsey_ Minnesota 55 303 (the "City") and O'CULLINAN PROPERTIES, LLC, A MINNESOTA LIMITED LIABILITY COMPANY, A MINNESOTA CORPORATION. having its principal office at 7005 Odean Ave NE, Otsego, MN 55330 (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 s469.179. has established Tax Increment Financing District No. 8 ("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 TIF4 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: LOTS 1 AND 1 A. BLOCK 1, EBONY ADDITION, Anoka County. Minnesota (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 June 26, 2007 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: I. As security for the Financial Assistance granted to the Developer including the Public Improvements installed on the Development Property and for the benefit of the Development Property by the City, the Developer grants and the City does have a lien on the Development Property. The lien is in the amount of Two Hundred Fifty Thousand and 00/100 Dollars ($250,000), which amount the parties agree represents the Citv's cost for providing the Financial Assistance. 5. The lien amount shall be repaid to the City by Developer within 90 days of completion date of the Public Improvements by the City unless, within such 90 days. the Developer 38