Agenda - Council - 12/14/1999 - Laserfiche WebLink

Home

I I I I I I I I I I I i I I I I This Agreement, made and entered into as of this ~ day of December, 1999, by and between the City of Ramsey, Minnesota ("City"), and Julian M. Johnson, a private individual having his principal office at 12188 Blue Circle NW, Coon Rapids, Minnesota 55448, ("Developer"). WITNESSETH: WHEREAS, the City and Developer have previously executed a Contract For Private Development dated October 31, 1996, ("Contract") that relates to the construction of an office and warehouse/manufacturin~'building'("Minimum Improvements") located on Lot 1 and Lot lA, Block 3, Business Park 95 Second Addition, Anoka County, Minnesota ("Development Property") and; WHEREAS, the Contract delineates terms, conditions and obligations of the Developer and the City regarding the construction of the Minimum Improvements and the use of Tax Increment Financing proceeds in support of Site Improvements relating to the Minimum Improvements; and WHEREAS, the Developer and City are presently in compliance with all terms, conditions, obligations and provisions of the Contract; and WHEREAS, the Developer is proposing to construct an additional 28,719 square feet of Minimum Improvements on the Development Property by December 31, 2000; and WHEREAS, the City has the ability and legal authority to provide the Developer with additional Tax Increment Financing proceeds in support of the proposed expansion to the Minimum Improvements. 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: 1. This Agreement will serve as an addendum to the existing Contract between the City and the Developer. 2. All of the terms, conditions, obligations and provisions of the Contract are hereby incorporated into this Agreement and shall remain in effect for the duration of the Contract. If the Developer completes a 28,719 square foot expansion to the Minimum Improvements by December 31, 2000, the City shall provide a total contribution of $4,100 of Tax Increment proceeds in addition to the Tax Increment proceeds stipulated in the Contract. This additional contribution of Tax Increment proceeds is subject to the documentation of eligible Site Improvement costs and shall be paid to the Developer within thirty (30) days of the issuance by the City of a Certificate of Completion. The Agreement to Pay Deficiencies listed as exhibit G in the Contract for Private Development identifies a Required Increment of $19,798.64 to be generated from the development property. As a result of the additional financial assistance, the Required ' Increment identified in the Agreement to Pay Deficiencies shall be adjusted to $20,386 per year beginning in the year 2001 and ending in the year 2012. o Any Event of Default by the Developer in the Contract with the City or failure by the Developer to meet any term or condition of this Agreement shall render the City's obligation to provide Tax Increment proceeds as stipulated herein, null and void. 2