07-23-2003 Council Agenda - Laserfiche WebLink

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DEVELOPMENT AGREEMENT 1. PARTIES AND EFFECTIVE DATE. The Parties to this Agreement are the Economic Development Authority of the City of Little Canada, a body corporate and public established under Minnesota Statutes Ch. 469 (the "EDA ") and The Villas at Little Canada LLC, a Minnesota limited liability company ( "Developer "). This Agreement is made and is effective as of the day of , 2003. 2. DEFINITIONS. Unless otherwise defined in this Agreement, Capitalized words and phrases used in this Agreement have the meanings attributed to them in this Section 2. In the event of a conflict between a definition set forth in this Section 2 and a definition appearing within a specific section or within an Exhibit that is a part of this Agreement, the definition set forth in a particular section or on a particular Exhibit controls for purposes of that section or Exhibit and the definition set forth in this Section 2 controls for all other portions of this Agreement. 1450998v8 2.1. "Agreement" means this Development Agreement, and all Exhibits to this Development Agreement, as the same may be modified, amended or supplemented from time to time. 2.2. "Assessment Agreement" means the Assessment Agreement described in Section 7. A pro forma Assessment Agreement is attached as Exhibit B. 2.3. "Business Day" means any day except a Saturday, Sunday or a legal holiday or a day in which banking institutions in the City are authorized by law or executive order to close. 2.4. "Certificate of Completion and Release" means a certificate in the form attached as Exhibit C. 2.5. "City" means the City of Little Canada. 2.6. "Construction Schedule" means the schedule for the Developer's completion of the Minimum Improvements that is attached as Exhibit D. 2.7. "Construction Plans" means the plans, specifications and related documents, entitled July 9, 2003 Permit Issue Plans, the Developer has submitted to the EDA. 2.8. "County" means Ramsey County, Minnesota. 2.9. "Developer" means The Villas at Little Canada LLC, a Minnesota limited liability company. 2.10. "Development Property" means the real property described on Exhibits A- 1 and A -2 and any improvements now or hereafter located thereon, including, but not limited to, the Minimum Improvements. The Development Property consists of the Mellgren Property and the Rutzik/Cardinal /Venetian Property. 4