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EXECUTION COPY <br /> <br /> CITY OF RA~iSEY <br /> <br />ANOKA COUNTY, MINNESOTA <br />DEVELOPMENT AGREEI~ENT - CEDAR HILLS <br /> <br /> THIS AGREEMENT, made and entered into by and between the CITY OF <br />RAMSEY, a municipal corporation of the State of Minnesota (the "City"), and M. G. <br />ASTELFORD COMPANY, a Minnesota partnership, whose address is <br /> (the "Developer"). <br /> <br />WITNESSETH: <br /> <br /> WHEREAS, the DEVELOPER is the fee owner of the following described <br />property situated in the CITY OF RAMSEY, County of Anoka, State of Minnesota, <br />and legally described in Schedule E hereto (the "Subject Property'); and <br /> <br /> WHEREAS, the City has established Development District No. i (the <br />"Development District") and Tax Increment Financing District No. 5 (the "TIF <br />District") pursuant to the authority granted in Minnesota Statutes, Sections 469.124 <br />through 469.134 and Sections 469.174 through 469.179; (collectively, the "Acts)," <br />both of which districts incorporate the Subject Property; and <br /> <br /> WHEREAS, pursuant to the Acts, the City has adopted a development <br />district program ("Program~) and a tax increment financing plan ("TIF Plan") to <br />finance all or a portion of the public development costs of the Development <br />District; and <br /> <br /> WHEREAS, in order to achieve the objectives of the Program and TIF Plan <br />as hereinafter defined and particularly to make land in the Development District <br />available for development by private enterprise for and in accordance with the <br />Program, the City has determined to provide substantial aid and assistance in the <br />financing of public development costs in the Development District; and <br /> <br /> WHEREAS, the City believes that development of the TIF District and <br />Development District pursuant to this Agreement will be in the vital best interests <br />of the City and the health, safety, morals and welfare of its residents, and is in <br />accord with the public purposes and provisions of the applicable state and local <br />laws and requirements under which development in the Development District has <br />i~:cn undertaken and is being assisted; and <br /> <br /> WHEREAS, on Ju~y 20, 1990, the CITY has approved the prelimina_~j <br />plat of the Subject Property, which preliminary plat is known as CEDAR HILLS; <br />and <br /> <br /> WHEREAS, all the terms and obligations under this Agreement are <br />contingent on approval by the City of the final plat of the Subject Property (the <br />"Plat"); and <br /> <br /> <br />