Agenda - Council - 09/11/2018 - Laserfiche WebLink

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Exhibit F LIEN AGREEMENT This Agreement, made and entered into this day of June 5, 2000, by and between the City of Ramsey, a Minnesota municipal corporation having its principal office at 15153 Nowthen Boulevard Northwest, Ramsey, Minnesota 55303 (City) and H & P Development L.L.C., a Minnesota Limited Liability Company having his principal office at 13915 Radium Str. NW, Ste A, Ramsey, Minnesota 55303 (Owner); WITNESSETH WHEREAS, pursuant to M.S. §469.124 through §46.9.134, the City has created City Development District No. I (Development District) and, pursuant to M.S. §469.174 through §469.179, has established Tax Increment Financing District No. 2 (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 Owner to construct certain permanent improvements (Minimum Improvements) on property Iocated in the City and legally described as Lots 1 and IA, Block 1, WEST RADIUM BUSINESS CENTER FIRST ADDITION (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 Owner on the Development Property are fully detailed in that certain Contract for Private Development dated June 5, 2000 between the City and the Owner ("Agreement"); and WHEREAS, the City desires to have assurance that the Owner 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 Owner, the parties do hereby agree as follows: 1. As security for the Site Improvements installed on the Property by the City, the Owner hereby grants and the City hereby does have a lien on the Development Property. The lien is in the amount of Two Hundred Fifty-two Thousand Eight Hundred Six Dollars ($252,806), which amount the parties agree represents the City's cost for providing the Site Improvements and the Property. 3. The lien amount shall be repaid to the City within 90 days of completion date of the Site Improvements by the City unless, within such 90 days, the Owner completes construction of the Minimum Improvements. Payment of the lien- amount shall be suspended dunng any time in which the Owner is making substantial progress on construction of the 37