01-12-2005 Council Agenda - Laserfiche WebLink

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AMENDMENT TO DEVELOPMENT AGREEMENT THIS AMENDMENT TO DEVELOPMENT AGREEMENT, made as of the day of , 2005, by and between the City of Little Canada, Minnesota (the "City "), a municipal corporation and political subdivision organized and existing under the Constitution and the laws of the State of Minnesota; and 1ZAB, L.L.C., a Minnesota limited liability company (the "Developer "), WITNESSETH: WHEREAS, in order to achieve the objectives of the Development Program and particularly to make the land in the Development District available for development by private enterprise in conformance with the Development Program, the City issued Tax Increment Bonds to finance the acquisition of the Development Property and sold a portion of the Development Property to the Developer at a reduced cost and agreed to reimburse the Developer for certain costs of the project to be undertaken by the Developer pursuant to a Development Agreement between the City and the Developer dated July 21, 1999 (the "Original Development Agreement "); and WHEREAS, the Original Development Agreement contemplated Developer's development of a two phase project. The Developer has failed to perform the terms of the Original Development Agreement with respect to Phase II of the project. The City and Developer have agreed to amend the Original Development Agreement pursuant to the terms set forth herein; and WHEREAS, the City believes that the development of the property, and the fulfillment of this Amendment to Development Agreement, are vital to and in the best interest of the City and the health, safety, morals and welfare of its residents, and in accordance with the public purpose and provisions of the 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 mutual obligations of the part ies hereto, each of them does hereby covenant and agree with the other as follows: 1. Other than as expressly set forth in this Amendment to Development Agreement, the terms of the Original Development Agreement between City and Developer are and shall remain in full force and effect. 2. Article I of the Original Development Agreement shall be amended to read as follows: 3