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<br /># <br /> <br />THIS AGREEMENT, made and entered as of this day of , 1996, <br />by and between the City of Ramsey, a Minnesota municipal corporation, having its principal office <br />at 15153 Nowthen Boulevard Northwest, Ramsey, Minnesota ("City"), and First State Bank of <br />Isanti a Minnesota Corporation having its principal office at 29 West Main Street, Isanti, <br />Minnesota, 55040 ("Developer"). <br /> <br />WITNESSETH: <br /> <br />WHEREAS, the City has created and established Development District No.1 ("District") <br />and Tax Increment Financing Districts ("TIP District") pursuant to the authority granted in <br />Minnesota Statutes, ~469.124 through ~469.134 and ~469.174 through s469.179; (collectively, <br />"the Acts"); and <br /> <br />WHEREAS, pursuant to the Acts, the City has adopted a development district program <br />("Program") and a Tax Increment Financing Plan ("TIP Plan") to fmance all or a portion of the <br />public development costs of the District; and <br /> <br />WHEREAS, in order to achieve the objectives of the Program and TIP Plan as hereinafter <br />defmed and particularly to make land in the District available for development by private enterprise <br />for and in accordance with the Program, the City has determined to provide substantial aid and <br />assistance through the sale of bonds and other obligations to fmance public development costs in <br />the District; and <br /> <br />WHEREAS, the Developers have proposed a development as hereinafter defined within <br />the District which the City has determined will promote and carry out the objectives for which <br />development in the District has been undertaken, will assist in carrying out the obligations of the <br />Program and TIP Plan, will be in the vital best interests of the City, and the health, safety, morals <br />and welfare of its residents, and is in accord with the public purposes and provisions of the <br />applicable state and local laws and requirements under which development in the District has been <br />undertaken and is being assisted. <br /> <br />WHEREAS, the City intends to construct certain improvements listed in the Capital <br />. Improvement Program, including but not limited to additional wells and water towers, using the <br />increments generated by the projects constructed in the Tax Increment Financing Districts. <br /> <br />NOW, THEREFORE, in consideration of the mutual covenants and obligations of the <br />City and the Developer, each party does hereby represent, covenant and agree with the other as <br />follows: <br /> <br />Page 2 <br />