Agenda - Council - 09/22/2015 - Laserfiche WebLink

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Exhibit F AGREEMENT TO PAY DEFICIENCIES THIS AGREEMENT, made and entered as of this 30th day of September, 2003, 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 BASALT PROPERTIES, LLC, A MN LIMITED LIABILITY COMPANY, having its principal office at 14160 Basalt Street NW, Ramsey, MN 55303 (the "Developer"); WITNESSETH: WHEREAS, the City and the Developer have entered into an agreement entitled Contract for Private Development dated September 30, 2003 (the "Agreement") regarding development of certain real property situated in the City of Ramsey, legally described as Lot 2, Except the South 30 00 feet, Lots 3 and 4, Block 4 Gateway North Industrial Park Plat 2 , Anoka County, Minnesota, (the "Development Property"), and , i , WHEREAS, the City has established Tax Increment Financing District No. 2 pursuant to M S. § 469 174 through § 469 179, and has established Development District No 1 pursuant to M.S. § 469 124 through § 469 134, which includes the Development Property, and WHEREAS, the Agreement requires the City to construct certain public improvements and requires the Developer to construct certain improvements (the "Minimum Improvements") thereon, all as more fully described in the Agreement; and WHEREAS, in order to finance the public costs related to construction of the Minimum Improvements on the Development Property, the City has agreed to use its tax increment financing funds or to otherwise fund such costs, and WHEREAS, the Agreement requires the execution of this Agreement to Pay Deficiencies, and NOW, THEREFORE, in consideration of the mutual covenants and obligations of the City and the Developer, the parties do hereby agree as follows 1. Except as qualified by Seetion,3 herein, if for any reason, the Tax Increment generated from the Development Property payable with the real estate taxes due in any calendar year commencing in 2005 and ending in 2012, is less than the required tax increment (the "Required Increment") as defined in Section 2 herein, the City will notify the Developer of the difference (the "Deficiency"), and will make written demand of the Developer for the payment thereof. The Developer or its successors and assigns, within 30 days after the City gives written notice, shall pay to the City the Deficiency Payments will be based upon the normal real estate tax payment schedule of biannual payments 32