Laserfiche WebLink
CONTRACT FOR PRIVATE DEVELOPMENT <br /> THIS AGREEMENT, made on or as of the day of <br /> 1993, by and between the ECONOMIC DEVELOPMENT AUTHORITY FOR THE <br /> CITY OF ELK RIVER (hereinafter referred to as the "Authority" or <br /> the "EDA") , and TESCOM CORPORATION, INC. , a Minnesota corporation <br /> (hereinafter referred to as the "Developer") , having its <br /> principal office at 12616 Industrial Boulevard, Elk River, <br /> Minnesota 55330 . <br /> WITNESSETH: <br /> WHEREAS, in furtherance of the objectives of municipal <br /> economic development the City of Elk River (hereinafter referred <br /> to as the "City") has undertaken a program for the economic <br /> development of certain areas of the City (hereinafter referred to <br /> as the "Project") ; and <br /> WHEREAS, as of the date of this Agreement there has been <br /> • prepared and approved by the City Council of the City <br /> (hereinafter referred to as the "Council") pursuant to the Act a <br /> Development Program for the Project, adopted April 1, 1985 (which <br /> Program, as amended, is hereinafter referred to as the <br /> "Development Program") ; and <br /> WHEREAS, major objectives of the Development Program include: <br /> providing maximum opportunity for redevelopment by private <br /> enterprise, consistent with the needs of the City as a whole; <br /> providing increased employment opportunities and supplementing <br /> the financial base of the community; providing land for needed <br /> expansion of existing businesses in the Project Area; providing <br /> adequate street, utility and other public improvements and <br /> facilities to enhance the Project Area for new and existing <br /> development; and <br /> WHEREAS, in order to achieve the objectives of the <br /> Development Program the City and Authority have determined to <br /> provide aid and assistance to finance public costs of development <br /> in the Project Area; and <br /> WHEREAS, the Property is located within Tax Increment <br /> Financing District No. 9, delineated in and established pursuant <br /> to a tax increment financing plan approved by the EDA and the <br /> Council and dated March 8, 1993 (hereinafter referred to as the <br /> "Tax Increment Plan") ; and <br /> S <br />