Agenda - Council - 05/14/1991 - Laserfiche WebLink

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I ,I I I I I I I I I I ! I I I I I I I CITY OF RAMSEY ANOKA COUNTY, MINNESOTA DEVELOPMENT AGREEMENT EXECUTION COPY CHESTNUT HILLS THIS AGREEMENT, made and entered into by and between the CITY OF RAMSEY, a municipal corporation of the State of Minnesota (the "City"), and GOOD VALUE HOMES, INC., a Minnesota corporation, whose address is 1460 93rd Lane N.E., Blaine, Minnesota 55434 (the "Developer"). WITNESSETH: WHEREAS, the DEVELOPER is the fee owner of the following described property situated in the CITY OF RAMSEY, County of Anoka, State of Minnesota, and legally described in Schedule D hereto; (the "Subject Property"); and WHEREAS, the City has established Development District No. 1 (the "Development District") and Tax Increment Financing District No. 5 (the "TIF District") pursuant to the authority granted in Minnesota Statutes, Sections 469.124 through 469.134 and Sections 469.174 through 469.179; (collectively, the "Acts),~ both of which districts incorporate the Subject Property; and WHEREAS, pursuant to the Acts, the City has adopted a development district program ("Program") and a tax increment financing plan ("TIF Plan") to finance all or a portion of the public development costs of the Development District; and WHEREAS, in order to achieve the objectives of the Program and TIF Plan as hereinafter defined and particularly to make land in the Development District available for development by private enterprise for and in accordance with the Program, the City has determined to provide substantial aid and assistance in the financing of public development costs in the Development District; and WHEREAS, the City believes that development of the TIF District and Development District pursuant to this Agreement will be in the vital beSt interests of the City and the health, safety, morals and welfare of its residents, and is in ~.eeord with the public purposes and provisions of the applicable state, and local .... · ..: and requirements under which development in the Development District has been undertaken and is being assisted; and WHEREAS, on l~ay 22, plat of the Subject Property, HILLS; and 1990 the CITY has approved the preliminary which preliminary plat is known as CHESTNUT WHEREAS, all the terms and obligations under this Agreement are contingent on approval by the City of the final plat of the Subject Property (the "Plat"); and /,74