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CONTRACT FOR PRIVATE DEVELOPMENT BY AND <br /> BETWEEN THE CITY OF ELK RIVER, THE ECONOMIC <br /> DEVELOPMENT AUTHORITY FOR THE CITY OF ELK RIVER, <br /> AND MARKETECH, INC. <br /> THIS AGREEMENT entered into this day of , 1996, by and between the <br /> City of Elk River ("City") and the Economic Development Authority for the City of Elk River ("EDA") <br /> and Marketech, Inc., a Minnesota corporation ("Developer"). <br /> WHEREAS, Minnesota Statutes, Section 469.090, et seq., authorizes cities and counties to <br /> establish Economic Development Authorities for the purpose of furthering the economic development <br /> objectives of the respective city or county; and <br /> WHEREAS, the City of Elk River, Minnesota, established the Economic Development Authority <br /> for the City of Elk River ("EDA") in 1987; and <br /> WHEREAS, Minnesota Statutes, Section 469.174, et seq., (the "Tax Increment Financing Act") <br /> enables an Economic Development Authority to undertake certain housing projects, redevelopment <br /> projects, and economic development projects with the use of Tax Increment Financing; and <br /> WHEREAS, Developer applied to the EDA for Tax Increment Financing Assistance("TIF") for <br /> development of the property located at 12797 Meadowvale Road, Elk River, Minnesota (the <br /> • "Development Site") into an office and manufacturing facility of approximately 9,324 square feet to be <br /> constructed and owned by Developer (the "Project"); and <br /> WHEREAS, the TIF assistance was requested to provide Developer with partial reimbursement <br /> for site acquisition costs (the "Land Write Down"); and <br /> WHEREAS, City staff prepared a Tax Increment Financing Plan ("TIF Plan") for the Project <br /> which proposed maximum reimbursement for Land Write Down to Developer in the amount of Sixty-Five <br /> Thousand One Hundred and No/100 Dollars ($65,100.00); and <br /> WHEREAS, the EDA held a public hearing on the TIF Plan on April 8, 1996, and approved the <br /> TIF Plan on that date; and <br /> WHEREAS, the City Council held a public hearing on the TIF Plan on April 8, 1996, and <br /> approved the TIF Plan on that date; and <br /> WHEREAS, an Economic Development Tax Increment Financing District ("TIF District") was <br /> established on the Development Site, legally described as follows: <br /> Lots 6 and 7, Block 1, McChesney Industrial Park <br /> ; and <br /> WHEREAS, the Tax Increment Financing Plan for the TIF District provides for the Developer <br /> • to be reimbursed, in an amount up to a maximum total assistance sum of Sixty-Five Thousand One <br /> Hundred and No/100 Dollars ($65,100.00), upon evidencing payment of annual real estate taxes; and <br />