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

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THIS AGREEMENT, made and entered as of this 25th day of April. 2006, by and between the City of Ramsey, a Minnesota municipal corporation, having its principal office at 15153 Nowthen Boulevard Northwest; Ramsey. Minnesota (the "City"). and RIVERSIIDE MANUFACTURING, INC., a Minnesota Corporation, having its principal office at 9944 -lwv 10 NW. Elk River. MN 55330 (the "Developer'). WITNESSETH: WHEREAS, the City has created and established Development District No. 1 ("District'') and Tax Increment Financing District No. 10 ("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"); 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 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 District available for development by private enterprise for and in accordance with the Program, the City has determined to provide substantial aid and assistance through the sale of bonds and other obligations to finance public development costs in the District; and WHEREAS, the Developer has proposed a development as hereinafter defined within the District which the City has determined will promote and carry out the objectives for which development in the District has been undertaken, will assist in carrying out the oblivations of the Program and TIF Plan, will be in the vital best interests of the City, and the health, safety, morals and welfare of its residents, and is in accord with the public purposes and provisions of the applicable state and local laws and requirements under which development in the District has been undertaken and is being assisted; and WHEREAS, the City intends to construct certain improvements listed in its capital improvement program including, but not limited to, additional wells and water towers, using the increments ;generated by the projects constructed in the Tax Increment Financing Districts; and WHEREAS, the City intends to provide an inducement to Developer to acquire title to the Development Property and to cause the initiation of construction of a combined office/manufacturing/warehouse facility; and WHEREAS, the requirements of the Business Subsidy Act, Minnesota Statutes, Section 116.1.993 through 116.1.995, apply to this Agreement (the "Business Subsidy Act"); and WHEREAS. the City has adopted criteria for awarding business subsidies that comply with the Business Subsidy Act, after a public hearing for which notice was published; and WHEREAS. the Council has approved this Agreement as a subsidy agreement under the Business Subsidy Act.