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 7 • office/warehouse/trucking facility, which proposal involves the Authority's use of tax increment pursuant to this Agreement to reimburse the Developer for certain costs of preparing the Development Property for development; and WHEREAS,the Authority believes that remediation of existing conditions on the Current Site and development of the Development Property pursuant to the Developer'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,therefor, willing to provide the financial assistance outlined herein. NOW, THEREFORE, in consideration of the premises and the mutual obligations of the parties hereto, each of them does hereby covenant and agree with the other as follows: ARTICLE L Definitions Section 1.1 Definitions. In this Agreement, unless a different meaning clearly appears from the context: • "Agreement" means this Agreement, as the same may be from time to time modified, amended, or supplemented. "Assessment Agreement"means the agreement in the form of Schedule D attached hereto to be entered into between the Authority and Developer pursuant to Section 6.2 of this Agreement. "Authority" means the Economic Development Authority In and For the City of Elk River, or any successor or assign. "City" means the City of Elk River. "Construction Plans"means the plans, specifications, drawings and related documents for the construction work to be performed by the Developer on the Development Property, which shall be as detailed as the documents to be submitted to the City in connection with conditional use permit approval for development of the Minimum Improvements and shall include a Landscape Plan. "County" means the County of Sherburne. "Current Site" means the real property containing the location of Developer's business operations as of the date of this agreement (809 Jackson Avenue, Elk River, Minnesota 55330), as • described in Schedule B of this Agreement. BcckP 548664.7 2