5.0. EDSR 03-09-1998 - Laserfiche WebLink

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• CONTRACT FOR PRIVATE REDEVELOPMENT 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 David P. Decker (collectively hereinafter referred to as the "Redeveloper"), having their principal office at 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. 17 (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 development of the Development Property through the construction of an at least 25,000 square foot office\warehouse\manufacturing facility, which proposal involves the Authority's use of tax increment pursuant to this Agreement to reimburse the Redeveloper for certain costs of preparing the Development Property for development; and WHEREAS, the Authority believes that the development of the Project Area pursuant to the Redeveloper's proposal and the fulfillment generally of this Agreement, are 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 being assisted, and is, therefor, willing to provide the financial assistance outlined herein.