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CONTRACT FOR PRIVATE DEVELOPMENT <br /> THIS AGREEMENT, made on or as of the day of , 1998, <br /> by and between the Economic Development Authority in and for the City of Elk <br /> River, a public body corporate and politic (hereinafter referred to as the <br /> "Authority"), established pursuant to Minnesota Statutes, Sections 469.090 to <br /> 469.108, and having its principal office at 13065 Orono Parkway, Elk River, <br /> Minnesota 55330 and Bryan L. Jones, an individual, (hereinafter referred to as the <br /> "Developer"), having his principal office at <br /> WITNESSETH: <br /> WHEREAS, the Authority, was created and authorized to transact business <br /> and exercise its powers by Resolution 87-63 of the City Council of the City of Elk <br /> River; and <br /> WHEREAS, in furtherance of the objectives of Resolution 87-63, the City has <br /> undertaken a program to finance public improvements and facilities necessary for <br /> the City to attract commercial and industrial development and increase <br /> employment opportunities in the City, and in this connection is engaged in carrying <br /> • out a development program (hereinafter referred to as the "Project") within <br /> Development District No. 1 of the City of Elk River (hereinafter referred to as the <br /> "Project Area"); and <br /> WHEREAS, as of the date of this Agreement there has been prepared and <br /> approved by the Authority and the City Council of the City a development program <br /> for the Project (which is hereinafter referred to as the "Development Program"); and <br /> WHEREAS, the Authority has created within the Project Area its Economic <br /> Development Tax Increment Financing District No. 20 (the "Tax Increment <br /> District") pursuant to Minnesota Statutes, Sections 469.174 to 469.179, in order to <br /> create a funding source to finance the public development costs of the Project; and <br /> WHEREAS, the Developer has presented to the Authority a proposal for <br /> development of the Development Property through the construction of a 35,000 - <br /> 40,000 square foot manufacturing facility, which proposal involves the Authority's <br /> use of tax increment pursuant to this Agreement to reimburse the Authority for the <br /> cost of the Development Property; and <br /> WHEREAS, the Authority believes that the development of the Development <br /> Property pursuant to the Developer's proposal, and the fulfillment generally of this <br /> • Agreement, are in the vital and best interests of the City and the health, safety, <br /> morals, and welfare of its residents, and in accord with the public purposes and <br /> 1 <br /> BeckP 548540.1 <br />