Agenda - Council - 05/25/2004 - Laserfiche WebLink

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ASSIGNMENT AND ASSUMPTION OF CONTRACT FOR PRIVATE DEVELOPMENT THIS ASSIGNMENT AND ASSUMPTION OF CONTRACT FOR PRIVATE DEVELOPMENT (the "Assignment") is entered into as of May 26, 2004, by and among the CITY OF RAMSEY, a Minnesota municipal corporation, Anoka County, Minnesota (the "City"), RUM RIVER DENTAL CREATIONS, LLC a Minnesota limited liability company and, (the "Assignor"), and MILLER RICKARD PROPERTIES, LLC, a Minnesota limited liability company ("Assignee"). The parties hereto agree as follows: RECITALS: WHEREAS, the City created and established Development District No. 1 (the "Development District") and Tax Increment Financing District No. 10 (the "T~ District") pursuant to thc authority granted in Minnesota Statutes, Sections 469.124 through 469.134 and Sections 469.174 through 469.179 (collectively, the "Act"); and WHEREAS, pursuant to the Act, the City adopted a Development District Program and a Tax Increment Financing Plan to finance all or a portion of the public development costs of the District; and WHEREAS, the City and the Assignor entered into a Contract for Private Development dated as of February 27, 2004 including a Deficiency Agreement and other related exlfibits (collectively the "Development Agreement") regarding the development of certain real property located in the TIF District. The Development Agreement is recorded as Anoka County Recorder's Document nun]bet ; and WHEREAS, the Deficiency Agreement provides that the Assignor will pay deficiencies to the City if' Net Tax Increment is less than the Required Increment; and WitEREAS, the Assignor desires to transfer fee title to the Development Property identified in Exhibit A of the Development Agreement (copy attached) to Assignee pursuant to a purchase agreement by and among Assignor and Assignee; and