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

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THIS AGREEMENT, made and entered as of this 5'" day of June, 2000, by and between the City of Ramsey, a Minnesota municipal corporation, having its principal office al 15153 Nawthen Boulevard Northwest, Ramsey, Minnesota ("City"), and.H & P Development L.L.G., a Minnesota Limited Liability Company having his principal office at 13915 Radium Str. NW, Ste. A, Ramsey, MN 55303 ("Developer"). WITNESSETH: WHEREAS, the City has created and established Development District No. 1 ("District") and Tax Increment Financing District No. 2 ("TIF District") pursuant to the authority granted 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 'IT 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 Developers have proposed a development as hereinafter defined within the District which the City has determined will promote and carry nut the objectives for which development in the District has been undertaken, will assist in carrying out the obligations of the Program and TIP 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 taws and requirements under which development in the District has been undertaken and is being assisted. WHEREAS, the City intends to construct certain improvements listed in the Capital Improvement Program including, hut not limited to, additional wells and water towers, using the increments generated by the projects constructed in the Tax Increment Financing Districts. NOW, THEREFORE, in consideration of the mutual covenants and obligations of the City and the Developer, each party does hereby represent, covenant and agree with the other as follows: