8.1 SR 05-17-2021 - Laserfiche WebLink

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TIF ASSISTANCE AGREEMENT THIS TIF ASSISTANCE AGREEMENT (the “Agreement”), made as of the __ day of ________, 2021, by and between the CITY OF ELK RIVER, MINNESOTA (the “City”), a municipal corporation under the Constitution and laws of the State of Minnesota, and STONEWOOD DEVELOPMENT LLC, a __________ limited liability company (the “Developer”), and WITNESSETH: WHEREAS, the City has undertaken a program to promote economic development and redevelopment 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 (Redevelopment) District No. 27 (Delta Apartments Project) qualified as a redevelopment tax increment financing district (the “TIF District”), the description of which is attached hereto as Exhibit A, and has adopted a Tax Increment Financing Plan therefor (the “TIF Plan”) approved by the City Council on May 3, 2021 which provides for the use of tax increment financing in connection with certain development within the Development District and TIF District; and WHEREAS, the Developer proposes to acquire certain property, demolish existing blighted buildings thereon, and construct two approximately 90-unit multifamily housing buildings and related amenities in two phases thereon (the “Project”); and WHEREAS, the Developer has requested that the City use tax increment financing to assist the Developer with certain costs thereof in order to fill the gap between the Total Development Costs (as hereinafter defined) and the funds available to pay such costs; and WHEREAS, the City believes that the redevelopment and construction of the Project, and fulfillment of this Agreement, are vital and are in the best interests of the City, and in accordance with the public purpose and provisions of applicable state and local laws and requirements under which the Project has been undertaken and is being assisted; NOW, THEREFORE, in consideration of the premises and the mutual obligations of the parties hereto, each of them does hereby covenant and agree with the other as follows: 1 EL185-50-718703.v2