5.0. HRSR 11-22-1993 - Laserfiche WebLink

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DEVELOPMENT AGREEMENT THIS DEVELOPMENT AGREEMENT entered into this day of November, 1993, by and between the City of Elk River, Minnesota (City) , the Elk River Housing and Redevelopment Authority (HRA) , The Chuba Company (Developer) , and Dennis Chuba (Chuba) . WHEREAS, Developer and Chuba propose to construct an 8,900 gross square foot office condominium building (the Project) on property (the Development Property) legally described as follows : Lots 1, 2, and 3, Block 21, Village of Elk River, Sherburne County, Minnesota. (PID No. 75-405-2110 and PID No. 75-405-2120); and, WHEREAS, Developer has represented to the City that the Project will have a minimum market value for tax valuation purposes of $565,000; and, WHEREAS, Developer has requested assistance from the City with demolition of the existing structures on the Development Property and site preparation of the Development Property for the Project; and, WHEREAS, the City Council of the City of Elk River has • determined that redevelopment of the Development Property and construction of the Project is consistent with the City' s Growth Management Plan and Zoning Ordinance; and, WHEREAS, the City Council of the City of Elk River has determined that the Project is consistent with the purposes of the City of Elk River Development District No. 1 and Tax Increment Financing District No. 1 and No. 3; and, WHEREAS, the City Council of the City of Elk River has amended the Tax Increment Financing Plans for TIF District No. 1 and No. 3 to provide assistance to the Project; and, WHEREAS, the City Council of the City of Elk River has approved Tax Increment Financing assistance to the Project for demolition and site preparation, in an amount not to exceed $50,000, subject to the execution of this Development Agreement; and, WHEREAS, the Elk River HRA resolved to fund fifty percent (50%) of the demolition and site preparation cost, up to a maximum of $25,000 . •