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

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EXHIBIT F LIEN AGREEMENT This Agreement, made and entered into this 1st day of April, 2005, by and between the City of Ramsey, a Minnesota municipal corporation; having its principal office at 15153 Nowthen Boulevard Northwest, Ramsey, Minnesota 55303 (the "City") and PROFESSIONAL PROPERTIES, LLC, A MINNESOTA LIMITED LIABILITY COMPANY, having its principal'office at 3149 162nd Lane NW, Andover, MN 55304 (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: The North 200 feet of the South 233 feet of the West 200 feet of the East 1146 feet of the South Half of the Southeast Quarter of Section 27, Township 32, Range 25, 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 April 1, 2005 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 Thousand and 00/100's Dollars ($100,000.00), which amount the parties agree represents the City's cost for providing the Financial Assistance (the "Lien"). 38