Laserfiche WebLink
C o Py <br /> • 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 <br /> (District 728). <br /> WHEREAS, the EDA owns and proposes to sell to District 728 at a <br /> discounted price certain property (The Development Poperty) legally <br /> 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 proposes to construct a maintenance facility <br /> containing approximately 21,000 gross square feet (the Project) on the <br /> Development Property; and, <br /> WHEREAS, District 728 has represented to the EDA that the Project <br /> will require a minimum investment of$750,000; 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 /> 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 from <br /> the EDA; <br /> • to develop and construct a maintenance facility of <br /> prefabricated, tip-up panels, or approved equivalent, <br /> containing approximately 21,000 gross square feet <br /> requiring a minimum investment of$750,000; and, <br /> • <br />