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<br />THIS AGREEMENT, made and entered as of this 30th day of September, 2003, by and
<br />between the City of Ramsey, a Minnesota municipal corporation, having its principal office at
<br />15153 Nowthen Boulevard Northwest, Ramsey, Minnesota (the "City"), and BASALT
<br />PROPERTIES, LLC, a Minnesota Limited Liability Company, having its principal office at
<br />14160 Baslt Street, Ramsey, MN 55303 (the "Developer")
<br />WITNESSETH:
<br />WHEREAS, the City has created and established Development District No 1
<br />("District") and Tax Increment Financing District No 2 ("TIF District") pursuant to the authority
<br />granted in Minnesota Statutes, Sections 469 124 through 469 134 and Sections 469 174 through
<br />469 179, (collectively, "the Acts"); and
<br />WHEREAS, pursuant to the Acts, the City has adopted a Development District Program
<br />("Program") and a Tax Increment Financing Plan ("TIF Plan") to finance all or a portion of the
<br />public development costs of the District, and
<br />WHEREAS, in order to achieve the objectives of the Program and TIF Plan as
<br />heremaftei defined and particularly to make land m the District available for development by
<br />private enterprise for and in accordance with the Program, the City has determined to provide
<br />substantial aid and assistance through the sale of bonds and other obligations to finance public
<br />development costs in the District, and
<br />WHEREAS, the Developer has proposed a development as hereinafter defined within
<br />the District which the City has determined will promote and carry out the objectives for which
<br />development in the District has been undertaken, will assist in carrying out the obligations of the
<br />Program and TIF Plan, will be in the vital best interests of the City, and the health, safety, morals
<br />and welfare of its residents, and is in accord with the public purposes and provisions of the
<br />applicable state and local laws and requirements under which development in the District has
<br />been undertaken and is being assisted, and
<br />WHEREAS, the City intends to construct certain improvements listed in its capital
<br />improvement program including, but not limited to, additional wells and water towers, using the
<br />increments generated by the projects constructed in the Tax Increment Financing Districts, and
<br />WHEREAS, the City intends to provide an inducement to Developer to acquire title to
<br />the Development Property and to cause the initiation of construction of a combined
<br />office/warehouse facility, and
<br />WHEREAS, the requirements of the Business Subsidy Act, Minnesota Statutes, Section
<br />116J 993 through 116J 995, apply to this Agreement (the "Business Subsidy Act"), and
<br />WHEREAS, the City has adopted criteria for awarding business subsidies that comply
<br />with the Business Subsidy Act, after a public heanng for which notice was published, and
<br />WHEREAS, the Council has approved this Agreement as a subsidy agreement under the
<br />Business Subsidy Act
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