Agenda - Council - 02/14/2023 - Laserfiche WebLink

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ley EXHIBIT IS AGREEMENT niak this of 1992. by and between the City of Ramsey. a M innmta munt ipal { orpcVati n (hereinafter referred to as the ' ty"). wW Ncrth Suburbn Development, Inc., a Minnesota corporation; IT ESS WHEREAS, North Suburban I evelopMent, Inc. hMinafter referred to a "Owner) is the owner of cenain real property in the City of Ramsey, legally described in Attachment 1, arrac herd Ito artd herby mwk a part hc=f (hereinafter referred to as the "Subje '-may"); 2M -A REAS, Owner desim to subdivide and develop the S bjccl' Plroperty; and WREREAS, the developn- nt of the Subject Property will require the construction of certain public improvements, gcnerally including sanitary sewer,. storm drainage facilities, W3tc Mai nand a PPurtena=s- and streets with concrete curb 'arid gutter (hereinafter referred to as the Imprownwnt Proj t")4 and WUEREAS. a public hearing will be -meld prior to awarding - any contract for Lhe consnction of the public improvemmts.; and WHEREAS, the Owner wishes for the City to construct the Improvernent Projoa' widmt nodce of hearing or hearing on the special assessnxnts levied to finance the Improvement ProjeM WW to levy 100% of the frost of the Improvement Project against the Subject.Properry; and AREAS, the City is grilling to construct the Irnprovecrit Project as requestcd by the owner without such nodcc or hearing, p�ravided the a umces and covenants hereinafter stag am made by Owner to ensure that the City will have valid and coliccrable special a sessmcn s to finance the cost of the Irnpro em nt Project; and WHYS, wem it not for the assurances and covenants heminafter provided,, the City would not construct the Improvement Project without such notices and hewng g and is doing so solely at the behest, and for the ben fit, of the Owner. NOW, MEREEFORE, ON THE BASIS OF THE PREMISES AND THE MUTUAL COVENANTS AND A REEMEN7S HEREINAFTER R PROVIDED, THE PARTIES HERETO T AGR AS FOLLOWS: OWM her by.pe Vans the City for core u`Wtion of the I ermnt Project on the Sbt n .' Owner represents and warrants than it is the Owner of l(K)% of the ub cs Property; that it has -Full legal power and authority to encumber the Subject Pry rt as herein p vn fed; and tl t. as of the date hereof, I has fee Sim pie absolute title in the Sum t Pro which t% not subject to any iieni. interests, or encumbrances, exec t a listed obi JA[Lachment w * oxhcd hereto and herb : is a pa hereof. p o,