7.0. EDSR 05-11-1998 - Laserfiche WebLink

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Sent by: DRB MINNEAPOLIS 6123405584; 05/07/98 12:52; Jet #801 ;Page 6 • CONTRACT FOR PRIVATE DEVELOPMENT 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 Minnesota Statutes Sections 469.090 to 469.108, and having its principal office at 13065 Orono Parkway, Elk River, Minnesota 55330; and Morrell & Morrell, Inc., Morrell Transfer, Inc., Morrell Companies, Larry Morrell, Terry Morrell, Trent Morrell, and Troy Morrell (collectively hereinafter referred to as the"Developer"), 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 City has undertaken a program to finance public improvements and facilities necessary for the City to attract commercial and industrial development and increase employment opportunities in the City, and in this connection is engaged in carrying out a development program (hereinafter referred to as the "Project") within 1110 Development District No. 1 of the 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 development program for the Project (which is hereinafter referred to as the"Development Program"); 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 to 469.179, in order to create a funding source to finance the public development costs of the Project; and WHEREAS, the Developer proposes to 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 to remedy certain site conditions on the Current Site; and WHEREAS, the Authority is requiring that the site conditions on the Current Site must be remedied as a condition of the Authority's provision of tax increment to reimburse the Developer for certain costs of preparing the Development Property for development, and prior to development of the Current Site for other uses; and • WHEREAS, the Developer has presented to the Authority a proposal for development of the Development Property through the construction of an at least 45,000 square foot Beck?548664.2 1