5.1. HRSR 12-06-2004 - Laserfiche WebLink

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4111 DEVELOPMENT AGREEMENT THIS DEVELOPMENT AGREEMENT is made and entered into this 6th day of December, 2004, by and between the CITY OF ELK RIVER, MINNESOTA, a municipal corporation and political subdivision organized and existing under the laws of the State of Minnesota (the "City"), and METROPLAINS DEVELOPMENT, LLC, a Minnesota limited liability company (the "Developer"). RECITALS WHEREAS, pursuant to Minnesota Statutes, Section 469.124 through 469.134, the City has formed Municipal Development District No. 1 (the "Development District") and has adopted a development program therefor (the "Development Program") for the Development District which sets forth development objectives for the Development District. A major objective of the Development Program is to foster the development of owner occupied and rental housing facilities in the Development District; WHEREAS, the Developer has submitted a proposal to the City in connection with the construction in the Development District of a rental housing and owner occupied housing development and commercial redevelopment; WHEREAS, the Developer intends to acquire approximately one acre of real property located in the Development District (the "Development Property"), demolish and clear the • existing structures and construct approximately 68 units of owner-occupied housing and approximately 10,820 square feet of retail space, together with related parking facilities (the "Bluff Block Development") on the portion of the Development Property legally described in Exhibit A hereto (the "Bluff Block Property") and construct approximately 32 units of rental housing and approximately 13,000 square feet of retail space, together with related parking facilities, (the "Jackson Block Development") on the portion of the Development Property legally described in Exhibit B hereto (the "Jackson Block Property") (the "Bluff Block Development" and the "Jackson Block Development"being collectively referred to herein as the "Minimum Improvements"); WHEREAS, under Minnesota Statutes, Sections 469.174 through 469.1799, as amended (the "TIF Act"), the City is authorized to finance certain public redevelopment costs of a municipal development district with tax increment revenues derived from a tax increment financing district established within such redevelopment project; . . WHEREAS, the City has heretofore adopted a tax increment financing plan and created and established the Downtown Phase I Tax Increment Financing District No. 22 as a redevelopment tax increment district pursuant to the TIF Act (the "Tax Increment District"); WHEREAS,the City has agreed, on the terms and conditions set forth in this Agreement to issue its Tax Increment Revenue Note (as hereinafter defined) to reimburse the Developer for certain Eligible Costs (as herein defined) of the Minimum Improvements and to issue its Parking Lot Note (as herein defined) to reimburse the Developer for the cost of constructing the Parking • Lot (as herein defined); 1674205v8