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DEVELOPMENT AGREEMENT <br />THIS AGREEMENT, made as of the 1st day of September, 2015, by and between the <br />City of Ramsey, Minnesota (the "City"), a municipal corporation existing under the laws of the <br />State of Minnesota and Brunswick Corporation, a Delaware corporation (the "Developer"). <br />WITNESSETH: <br />WHEREAS, pursuant to Minnesota Statutes, Section 469.124 to 469.133, the City has <br />heretofore established Development District No. 1 (the "Development District") and has adopted <br />a development program therefor (the "Development Program"); and <br />WHEREAS, pursuant to the provisions of Minnesota Statutes, Section 469.174 through <br />469.1794, as amended (hereinafter, the "Tax Increment Act"), the City has heretofore <br />established, within the Development District, Tax Increment Financing District No. 15 (the "Tax <br />Increment District") and has adopted a tax increment financing plan therefor (the "Tax Increment <br />Plan") which provides for the use of tax increment financing in connection with certain <br />development within the Development District; and <br />WHEREAS, in order to achieve the objectives of the Development Program and <br />particularly to make the land in the Development District available for development by private <br />enterprise in conformance with the Development Program, the City has determined to assist the <br />Developer with the financing of certain costs of a Project (as hereinafter defined) to be <br />constructed within the Tax Increment District as more particularly set forth in this Agreement; <br />and <br />WHEREAS, the City believes that the development and construction of the Project, and <br />fulfillment of this Agreement are vital and are in the best interests of the City, the health, safety, <br />morals and welfare of residents of the City, and in accordance with the public purpose and <br />provisions of the applicable state and local laws and requirements under which the Project has <br />been undertaken and is being assisted; and <br />WHEREAS, the requirements of the Business Subsidy Law, Minnesota Statutes, Section <br />116J.993 through 116J.995, apply to this Agreement; and <br />WHEREAS, the City has adopted criteria for awarding business subsidies that comply <br />with the Business Subsidy Law, after a public hearing for which notice was published; and <br />WHEREAS, the Council has approved this Agreement as a subsidy agreement under the <br />Business Subsidy Law; <br />NOW, THEREFORE, in consideration of the premises and the mutual obligations of the <br />parties hereto, each of them does hereby covenant and agree with the other as follows: <br />7226735v1 DRAFT document, changes will occur <br />