7.1 SR 10-05-2020 - Laserfiche WebLink

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TAX INCREMENT DEVELOPMENT AGREEMENT THIS TAX INCREMENT DEVELOPMENT AGREEMENT (the "Agreement"), made as of the 5th day of October, 2020, by and between the City of Elk River, Minnesota, a municipal corporation organized and existing under the Constitution and laws of the State of Minnesota (the "City") and Moyer Properties, LLC, a Minnesota limited liability company (the "Developer"). WITNESSETH: WHEREAS, the City has undertaken a program to promote economic development and job opportunities and to promote the development of land which is underutilized within the City, and in connection therewith created a development project known as Development District No. 1 (the "Development District") and developed a Development Program (the "Development Program") therefor pursuant to Minnesota Statutes, Sections 469.124 to 469.134, as; and WHEREAS, pursuant to the provisions of Minnesota Statutes, Sections 469.174 through 469.1794, as amended (the "TIF Act"), the City has created, within the Development District, Tax Increment Financing (Economic Development) District No. 26 (Shoot Steel, Inc. Project) qualified as an economic development tax increment financing district (the "TIF District") and has adopted a Tax Increment Financing Plan therefor (the "TIF Plan") approved by the City Council on October 5, 2020 which provides for the use of tax increment financing in connection with certain development within the Development District and TIF District; and WHEREAS, in order to achieve the objectives of the Development Program (as hereinafter defined) and particularly to make the land in the Development District available for development by private enterprise in conformance with the Development Program, the City has determined to assist the Developer with the financing of certain costs of certain Minimum Improvements (as hereinafter defined) to be constructed within the TIF District as more particularly set forth in this Agreement; and WHEREAS, the City believes that the development and construction of the Minimum Improvements, and fulfillment of this Agreement are vital and are in the best interests of the City, the health, safety, morals and welfare of residents of the City, and in accordance with the public purpose and provisions of the applicable state and local laws and requirements under which the Minimum Improvements has been undertaken and is being assisted; and WHEREAS, the requirements of the Business Subsidy Law, Minnesota Statutes, Section 116J.993 through 116J.995, as amended, apply to this Agreement; and WHEREAS, the City has adopted criteria for awarding business subsidies that comply with the Business Subsidy Law, after a public hearing for which notice was published; and WHEREAS, the City Council has approved this Agreement as a subsidy agreement under the Business Subsidy Law and held a duly noticed public hearing thereon. LL185\61\675612.v1