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<br /> <br />as <br /> <br />~tt(~il wJ <br /> <br />I ~/l (}JJSJ. 41= I 0 <br /> <br />PRELIMINARY DEVELOPMENT AGREEMENT <br /> <br />This Agreement, dated the _ day of 1988, <br />between the Ci ty of Ramsey, Minnesota, a municipal corporation <br />under the laws of Minnesota ("Ci ty"), and Anoka Sports Center, <br />Inc., a Minnesota business corporation ("Developer"). <br />WITNESSETH: <br />WHEREAS, the Developer is the fee owner of that tract of <br />land wi thin the Ci ty which is described as Lot 1, Block 1, <br />Riverside West, Anoka County, Minnesota ("Property"); and <br />WHEREAS, the Developer has requested the City to explore the <br />feasibility of constructing certain site improvements and of <br />using tax increment financing (TIF) to offset a portion of the <br />cost of said site improvements on the Property in order to <br />facilitate development thereof ("Project"); and <br />WHEREAS, the City is willing to study the feasibility of the <br />Project if the Developer agrees to reimburse the City for its <br />expenses if the Project is abandonee or not completed for any <br />reason within 24 months of the date of this Agreement. <br />NOW, THEREFORE, in consideration of the foregoing and of the <br />mutual covenants and obligations set forth herein, the parties <br />agree as follows: <br /> <br />ARTICLE I. WARRANTY. The Developer warrants that it has fee <br />title to the Property and that it has the authority and power to <br />enter into this Agreement. <br />