Agenda - Council - 08/08/2016 - Laserfiche WebLink

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Exhibit F LIEN AGREEMENT This Agieement, made and entered into this 23rd day of June, 2004, by and between the City of Ramsey, a Minnesota municipal corporation, having its principal office at 15153 Nowtben Boulevard Northwest, Ramsey, Minnesota 55303 (the "City") and HSHT LLC, A MINNESOTA LIMITED LIABILITY COMPANY, having its principal office at 1036 McKinley Street, Anoka, MN 55303 (the"Developer"), WITNESSETH: WHEREAS, pursuant to M S §469 124 through §46 9 134, the City has created City Development District No 1 ("Development District") and, pursuant to M S §469 174 through §469,179, has established Tax Increiment Financing District No 10 ("TIF District"), and WHEREAS, the City has adopted a development program ("Program") and tax increment financing plan ("TIF Plan") for the Development District and TIF District, which Program and TIF Plan call for the City to perform certain site improvements ("Site Improvements") and for the Developer to construct certain permanent improvements ("Minnnurn Improvements") on property located in the City and legally described as Lot 2, Block 1, Sunfish Lake Business Park Second Addition, Anoka County, Minnesota (the"Development Property"), and WHEREAS, the nature of the Site Improvements to be performed by the City and of the Minimum Improvements to be constructed by the Developer on the Development Property are fully detailed in that certain Contract for Private Development dated June 23, 2004 between the City and the Developer (the"Agreement"), and WHEREAS, the City desires to have assurance that the Developer will complete the Minimum Improvements following installation of the Site Improvements by the City NOW, THEREFORE, in consideration of the mutual covenants and obligations of the City and the Developer, the parties agree as follows 1. As security for the Financial Assistance granted to the Developer including the Public Improvements installed on the Development Property and for the benefit of the Development Property by the City, the Developer grants and the City does have a hen on the Development Property 2 The hen is in the amount of One Hundred Fifty-five Thousand and 001100 Dollars ($155,000), which amount the parties agree represents the City's cost for providing the Financial Assistance 3 The lien amount shall be repaid to the City by Developer within 90 days of completion date of the Public Improvements by the City unless, within such 90 days, the Developer completes construction of the Minimum Improvements Payment of the lien amount 38