|
TAX INCREMENT FINANCING (TIF) AGREEMENT
<br />THIS AGREEMENT, made as of the day of , 2023, by and between the
<br />City of Ramsey, Minnesota (the "City"), a municipal corporation existing under the laws of the
<br />State of Minnesota, and Ramsey Properties, LLC, a Minnesota limited liability company (the
<br />"Developer").
<br />WITNESSETH:
<br />WHEREAS, pursuant to Minnesota Statutes, Section 469.124 to 469.133, the City has
<br />heretofore established Development District No. 1 (the "Development District") and has adopted
<br />a development program therefor (the "Development Program"); and
<br />WHEREAS, pursuant to Minnesota Laws, 2010, Chapter 389, Article 7, Section 22, as
<br />amended by Minnesota Laws, 2011, Chapter 112, Article 11, Section 16 and Minnesota Laws
<br />2021, Chapter 14, Article 9, Section 10 (collectively, "Special Legislation") and the provisions of
<br />Minnesota Statutes, Section 469.174 through 469.1794, as amended (hereinafter, the "Tax
<br />Increment Act"), the City has heretofore established, within the Development District, Tax
<br />Increment Financing (Redevelopment) District No. 14 (the "Tax Increment District") and has
<br />adopted a tax increment financing plan therefor (the "Tax Increment Plan") which provides for the
<br />use of tax increment financing in connection with certain development within the Development
<br />District; and
<br />WHEREAS, in order to achieve the objectives of the Development Program and
<br />particularly to make the land in the Development District available for development by private
<br />enterprise in conformance with the Development Program, the City has determined to assist the
<br />Developer with the financing of certain costs of a Project (as hereinafter defined) to be constructed
<br />within the Tax Increment District as more particularly set forth in this Agreement; and
<br />WHEREAS, the City believes that the development and construction of the Project, and
<br />fulfillment of this Agreement are vital and are in the best interests of the City, the health, safety,
<br />morals and welfare of residents of the City, and in accordance with the public purpose and
<br />provisions of the applicable state and local laws and requirements under which the Project has
<br />been undertaken and is being assisted; and
<br />WHEREAS, the requirements of the Business Subsidy Law, Minnesota Statutes, Section
<br />116J.993 through 116J.995, apply to this Agreement; and
<br />WHEREAS, the City has adopted criteria for awarding business subsidies that comply with
<br />the Business Subsidy Law, 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 Law;
<br />NOW, THEREFORE, in consideration of the premises and the mutual obligations of the
<br />parties hereto, each of them does hereby covenant and agree with the other as follows:
<br />76644791v2
<br />
|