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<br /> THIS AGREEMENT, made and entered as of this 23rd day of June, 2004, 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 HSHT LLC, a
<br /> Minnesota Limited Liability Company, having its principal office at 1036 McKinley Street,
<br /> Anoka, 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 10 ("TIF District") pursuant to the
<br /> authority granted in Minnesota Statutes, Sections 469 124 through 469 134 and Sections 469 174
<br /> through 469 179, (collectively, "the Acts"),and
<br /> WHEREAS, pursuant to the Acts, the City has adopted a Development District Program
<br /> ("Progtam") 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 /> hereinafter defined and particularly to make land in 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/manufacturing/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 hearing 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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