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<br />~ <br /> <br />R anSfdJ <br />Pd~s ft; ~-:#s- <br /> <br />PRELIMINARY DEVELOPMENT AGREEMENT <br /> <br />This Agreement, dated the ____ day of , 1988, by <br /> <br /> <br />and among the City of Ramsey, Minnesota, a municipal corporation <br /> <br />under the laws of Minnesota ("City"), River's Bend Properties, a <br /> <br /> <br />Minnesota general partnership, ("Owner") and George Carlson and <br /> <br />, husband and wife, ("Developer"). <br /> <br />WITNESSETH: <br /> <br />WHEREAS, the Owner is the fee owner of that tract of land <br /> <br />within the City which is described as Lot 2, Block 1, Oxbow <br />Addition, Anoka County, Minnesota ("Property"): and <br />WHEREAS, the Developer has an interest in the Property in <br />the form of : and <br />WHEREAS, the Developer has requested the City to explore the <br />feasibility of constructing certain site imp~ovements and of <br />using tax increment financing (TIF) to offset a portion of the <br />cost of land acquisition and site improvements on the Property in <br />order to 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 />costs if the Project is abandoned or not completed for any reason <br />within 24 months of the date of this Agreement. <br /> <br />NOW, THEREFORE, in consideration of the foregoing and of the <br /> <br />mutual covenants and obligations set forth herein, the parties <br /> <br />agree as follows: <br />