08-13-2003 Council Agenda - Laserfiche WebLink

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thence West parallel with said North line to a line drawn Northerly from the point of beginning and parallel with said East line of Rice Street; thence South to the point of beginning. Abstract Property. The properties are being sold pursuant to a Development Agreement and related Purchase Agreements between the Developer and the Authority for redevelopment in accordance with a redevelopment plan heretofore adopted by the Authority (the "Redevelopment Plan "). Copies of the Development Agreement and a pro forma Purchase Agreement will be on file and available for public inspection at the office of the Executive Director of the Authority, City Hall 515 Little Canada Road East, Little Canada, Minnesota. The EDA's and the Developer's obligations under the Purchase Agreement relating to Lot 1, Block 2, Market Place and the Developer's obligations under the Development Agreement with respect to Lot 1, Block 2, Market Place are contingent on the EDA's subsequent acquisition of that property. The Developer will agree, under a Development Agreement with the Authority, to construct on the parcels an approximately 26,000 square foot commercial office /retail facility, an approximately 4,000 square foot commercial restaurant facility, an approximately 7,800 square foot commercial retail facility, an approximately 7,000 square foot commercial office facility and an approximately 15,000 square foot commercial office facility. All persons may appear at the public hearing and present their views orally or in writing on the proposed subsidy and the sale of the property. Dated: July 28, 2003 BY ORDER OF THE BOARD OF COMMISSIONERS /s/ Joel Hanson 1552915v2 2 2 Executive Director