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CONTRACT FOR PRIVATE DEVELOPMENT <br /> THIS DEVELOPMENT AGREEMENT entered into this day of <br /> , 1995, by and between the Economic Development Authority for <br /> the City of Elk River (EDA) and Independent School District No. 728 (District <br /> 728). <br /> WHEREAS, District 728 proposes to construct a maintenance facility <br /> containing approximately 16,000 gross square feet (the Project) on property <br /> (the Development Property) legally described as follows: <br /> Lot 8, Block 1, Elk River Industrial Park, Sherburne County, <br /> Minnesota (PID No. 75-427-0180); and, <br /> WHEREAS, District 728 has represented to the EDA that the Project <br /> will require a minimum investment of$600,000; and, <br /> WHEREAS, District 728 has represented to the EDA that the Project <br /> will be constructed of prefabricated, tip-up panels, or approved equivalent; <br /> and, <br /> • WHEREAS, the EDA has discounted the price of the Development <br /> Property. <br /> NOW, THEREFORE, the parties hereto agree as follows: <br /> 1. District 728 Obligations <br /> District 728 covenants and agrees as follows: <br /> • to acquire fee title to the Development Property; <br /> • to develop and construct a maintenance facility of <br /> prefabricated, tip-up panels, or approved equivalent, <br /> containing approximately 16,000 gross square feet <br /> requiring a minimum investment of$600,000; and, <br /> • to complete construction of the Project and obtain a <br /> Certificate of Occupancy for the maintenance facility <br /> building no later than January 1, 1996. <br /> S <br />