4.2. SR 11-22-1993 - Laserfiche WebLink

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e e e DEVELOPMENT AGREEMENT THIS DEVELOPMENT AGREEMENT entered into this ____ day of November, 1993, by and between the City of Elk River, Minnesota (City), the Elk River Housing and Redevelopment Authority (HRA), The Chuba Company (Developer), and Dennis Chuba (Chuba). WHEREAS, Developer and Chuba propose to construct an 8,900 gross square foot office condominium building (the Project) on property (the Development Property) legally described as follows: Lots 1, 2, and 3, Block 21, Village of Elk River, Sherburne County, Minnesota. (PID No. 75-405-2110 and PID No. 75-405-2120); and, WHEREAS, Developer, has represented to the City that the Project will have a minimum market value for tax valuation purposes of $565,000; and, WHEREAS, Developer has requested assistance from the City with demolition of the existing structures on the Development Property and site preparation of the Development Property for the Project; and, WHEREAS, the City Council of the City of Elk River has determined that redevelopment of the Development Property and construction of the Project is consistent with the City's Growth Management Plan and Zoning Ordinance; and, WHEREAS, the City Council of the City of Elk River has determined that the Project is consistent with the purposes of the City of Elk River Development District No. 1 and Tax Increment Financing District No. 1 and No.3; and, WHEREAS, the City Council of the City of Elk River has amended the Tax Increment Financing Plans for TIF District No. 1 and No. 3 to provide assistance to the Project; and, WHEREAS, the City Council of the City of Elk River has approved Tax Increment Financing assistance to the Project for demolition and site preparation, in an amount not to exceed $50,000, subject to the execution of this Development Agreement; and, WHEREAS, the Elk River HRA resolved to fund fifty percent (50%) of the demolition and site preparation cost, up to a maximum of $25,000.