08-13-2003 Council Agenda - Laserfiche WebLink

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DEVELOPMENT AGREEMENT THIS AGREEMENT, made as of the 13th day of August, 2003, 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 International Union of Painters and Allied Trades Council 82 Building Corporation, Inc., a Minnesota corporation (the "Developer "), WITNESSETH: WHEREAS, pursuant to Minnesota Statutes, Sections 469.124 through 469.134 (the "Municipal Development Act "), the City has formed a development district, designated as Development District No. 2 (the "Development District ") and adopted a Development Program (the "Development Program ") for the Development District; and WHEREAS, pursuant to the provisions of Minnesota Statutes, Section 469.174 through 469. 179, as amended, (hereinafter the "Tax Increment Act ") the City has created a tax increment financing district (the "Tax Increment District ") designated as Tax Increment District No. 2 -2, a description of which district is attached hereto as Exhibit A and has adopted a tax increment financing plan (collectively, the "Tax Increment Plan ") therefor which provides for the use of tax increment financing in connection with development within the Development District; and 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 has determined to issue the Interfund Loan to reimburse the Developer for certain costs of a Project to be undertaken by the Developer; and WHEREAS, a major objective of the Development Program and Tax Increment Plan is to assist redevelopment and development and prevent the further deterioration of land located within the Development District; and WHEREAS, the City believes that the development of a certain Project as more fully set forth in this Agreement pursuant to the terms of this Agreement, and fulfillment of this Agreement are vital and are in the best interests 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 the mutual obligations of the parties hereto, each of them does hereby covenant and agree with the other as follows: 1549292v2 5