3.2. EDSR 02-02-1998 - Laserfiche WebLink

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CONTRACT FOR PRIVATE REDEVELOPMENT i THIS AGREEMENT, made on or as of the day of , 1998, 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 Laws of Minnesota 1947, Chapter 487, as amended, being Minnesota Statutes, 469.090 - 469.108, and having its principal office at 13065 Orono Parkway, Elk River, Minnesota 55330, and (collectively hereinafter referred to as the "Redeveloper"), having their principal office at 809 Jackson Avenue NW, Elk River, Minnesota 55330. WITNESSETH: WHEREAS, the Authority was created and authorized to transact business and exercise its powers by Resolution 87-63 of the City Council of the City of Elk River; and WHEREAS, in furtherance of the objectives of Resolution 87-63, the Authority has undertaken a program for 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 redevelopment project within Development District No. 1 (hereinafter referred to as the "Project") in an area which includes the entire City of Elk River (hereinafter referred to as the "Project Area"); and • 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 redevelopment plan for the Project (which Plan is hereinafter referred to as the "Redevelopment Plan"); and WHEREAS, the Authority has created within the Project Area its Economic Development Tax Increment Financing District No. 18 (the "Tax Increment District") pursuant to Minnesota Statutes, Sections 469.174-.179, in order to create a funding source to finance the public redevelopment costs of the Project; and WHEREAS, the Redeveloper will relocate its business operations (trucking facility) from its current location (which current location is referred to herein as the "Current Site") to certain real property located within the Project Area (which real property is referred to herein as the "Development Property"); and WHEREAS, there is present on the Current Site certain site conditions that must be remedied prior to the Authority's provision of tax increment to reimburse the Redeveloper for certain costs of preparing the Development Property for development and prior to the development of the Current Site for other uses; and WHEREAS, the Redeveloper has presented to the Authority a proposal for the development of the Development Property through the construction of an at least 45,000 square