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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 <br /> ELK RIVER, AND GERALD AND JOANNE MCCHESNEY <br /> THIS AGREEMENT entered into this day of , 1996, between and <br /> among the City of Elk River ("City") and the Economic Development Authority for the City of <br /> Elk River ("EDA"), and Gerald Eugene McChesney and JoAnne McChesney (together, the <br /> "Developer"). <br /> WHEREAS, Minnesota Statutes, Section 469.090, et seq., authorizes cities and counties <br /> to establish Economic Development Authorities for the purpose of furthering the economic <br /> development objectives of the respective city or county; and <br /> WHEREAS, the City of Elk River, Minnesota, established the Economic Development <br /> Authority for the City of Elk River ("EDA") in 1987; and <br /> WHEREAS, Minnesota Statutes, Section 469.174, et sea., (the "Tax Increment Financing <br /> Act") enables an Economic Development Authority to undertake certain housing projects, <br /> redevelopment projects, and economic development projects with the use of Tax Increment <br /> Financing; and <br /> • WHEREAS, Developer applied to the EDA for Tax Increment Financing Assistance <br /> ("TIF") for development of the property located at Lot 9, Block 1, McChesney Industrial Park, <br /> Elk River, Sherburne County, Minnesota (the "Development Site") into an office and <br /> manufacturing facility of approximately 10,000 square feet to be constructed and owned by <br /> Developer, to be occupied by McChesney Cabinets and Winn Electric (the "Project"); and <br /> WHEREAS, the TIF assistance was requested to provide Developer with partial <br /> reimbursement for site acquisition costs (the "Land Write Down"); and <br /> WHEREAS, City staff prepared a Tax Increment Financing Plan ("TIF Plan") for the <br /> Project which proposed maximum reimbursement for Land Write Down to Developer in the <br /> amount of Thirty-Five Thousand and No/100 Dollars ($35,000.00); and <br /> WHEREAS, the EDA held a public hearing on the TIF Plan on , 1996, <br /> and approved the TIF Plan on that date; and <br /> WHEREAS, the City Council held a public hearing on the TIF Plan on <br /> 1996, and approved the TIF Plan on that date; and <br /> WHEREAS, an Economic Development Tax Increment Financing District ("TIF <br /> District") was established on the Development Site, legally described as follows: <br /> • Lot 9, Block 1, McChesney Industrial Park <br /> ; and <br />