5.0. 6.0. 7.0. EDSR 07-12-1999 - Laserfiche WebLink

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FROM GRAY PLANT MOOT? MOOT? & BENNETT (#3) (FRI) 7. 9' 99 9:30/ST. 9:28/NO. 4261218754 P 5 CONTRACT FOR PRIVATE REDEVELOPMENT • THIS AGREEMENT, made on or as of the day of , 1999 by and between the Economic Development Authority in and for the City of Elk River, a public body corporate and politic (hereinafter referred to as the "Authority"), established pursuant to Minnesota Statutes, Sections 469.090 to 469.108; and Associated Investors of Elk River, Inc., a Minnesota corporation, Fischer Sand & Aggregate, LLP, a Minnesota limited liability partnership, and Elk River Business Park, LLC, a Minnesota limited liability corporation (collectively hereinafter referred to as the"Redeveloper"). WITNESSETH: WHEREAS, the Authority was created and authorized to transact business and exercise its powers by Resolution No. 87-63 of the City Council of the City of Elk River; and WHEREAS, in furtherance of the objectives of Resolution No. 87-63, the City has undertaken a program to finance public improvements and facilities and other appropriate costs to aid in the clearance and reconstruction or rehabilitation of blighted, deteriorated, deteriorating, vacant, unused, under used or inappropriately used areas of the City, and in this connection is engaged in carrying out a development program and a redevelopment project (hereinafter referred to as the "Project") within Development District No. 1 of the City of Elk River (hereinafter referred to as the"Project Area"); and 11111 WHEREAS, as of the date of this Agreement there has been prepared and approved by the Authority and the City Council of the City a development program and redevelopment plan for the Project(which is hereinafter referred to as the"Development Program"); and WHEREAS, the Authority has created within the Project Area its Redevelopment Tax Increment Financing District No. 19 (the "Tax Increment District") pursuant to Minnesota Statutes, Sections 469.174 to 469.179, in order to create a funding source to finance the public redevelopment costs of the Project; and WHEREAS, the Redeveloper has presented to the Authority a proposal for the redevelopment of the Redevelopment Property through the construction of a shopping center, which proposal involves the Authority's use of tax increment pursuant to this Agreement to reimburse the Redeveloper for certain costs of acquiring and preparing the Redevelopment Property for redevelopment; and WHEREAS, the Authority believes that redevelopment of the Redevelopment Property pursuant to the Redeveloper's proposal, and the fulfillment generally of this Agreement, arc in the vital and best interests of the City and the health, safety, morals, and welfare of its residents, and in accord with the public purposes and provisions of the applicable State and local laws and requirements under which the Project has been undertaken and is, therefor,willing to provide the financial assistance outlined herein.