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FROM GRAY PLANT MOOTY MOOTY & BENNETT (#3) (FRI) 7. 9' 99 9:34/ST. 9:28/NO. 4261218754 P 13 <br /> (ii) The Ebner property (PID No. 75-135-3420), formerly a single family <br /> • home site, was acquired by Associated Investors and is currently owned by the City. <br /> (iii) The Warden property (PID No. 75-135-3315), is currently a single family <br /> home site owned by Delton and Joan Warden. <br /> (iv) The Mevisson property (PID No. 75-135-3310), is currently a single <br /> family home site owned by James Mevisson. <br /> (v) The Swanberg property (PID No. 75-002-2205) is currently a vacant <br /> parcel. <br /> (d) The Redeveloper and Authority have entered into this Agreement in order to assist <br /> Redeveloper in acquiring the Redevelopment Property by reimbursing Redeveloper for a portion <br /> of Redeveloper's costs of acquiring the Redevelopment Property for Development of the <br /> Shopping Center Project. <br /> Section 3.2 The Development. <br /> (a) The Development is a mixed use development consisting of two elements: <br /> (i) Redevelopment of approximately 95 acres of underutilized and blighted <br /> land consisting of a mobile home park and adjacent single family residential properties <br /> (the Redevelopment Property)into the Shopping Center Project; and <br /> (ii) Development of approximately 40 acres of farmland adjacent to the <br /> Shopping Center Project(the Business Park Property)into the Business Park Project. <br /> (b) Authority and City have determined: <br /> (i) That generating commercial and industrial development and <br /> redevelopment within the eastern area of the City is vitally important to the City's goals <br /> of increasing employment and tax base within the City; <br /> (ii) That the mixed use Development proposed on the Property is vitally <br /> important to generating additional development in the East Elk River area; <br /> (iii) That it would not be possible to proceed with the mixed use Development, <br /> nor to attract additional industrial development to the eastern area of the City,without the <br /> Shopping Center Project,which will attract people and business, including light industrial <br /> businesses, to the East Elk River area; and <br /> (iv) That development of the Shopping Center Project is not feasible and will <br /> not proceed without public assistance with the costs of land acquisition and Public <br /> Improvements. <br /> • (c) The Development will require substantial public infrastructure, including: <br /> -9- <br />