09-22-2003 EDA Packet - Laserfiche WebLink

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CONTRACT FOR PRIVATE DEVELOPMENT THIS AGREEMENT, made as of the day of September, 2003, by and between the LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY, a public body corporate and politic under the laws of Minnesota (the "Authority"), and PANATTONI DEVELOPMENT CO., LLC, a California limited liability company (the "Developer"). WITNESSETH: WHEREAS, the Authority has undertaken a program to promote economic development and job opportunities and to promote the development of land which is underutilized within the City, and in this connection created Development District No. 1 (hereinafter referred to as the "Project") in an area (hereinafter referred to as the "Project Area") located in the City and a Tax Increment Financing District No. 1-10 (the "TIF District") within the Project Area, all pursuant to Minnesota Statutes, Sections 469.124 to 469.134 (the "Act") and Minnesota Statutes, Sections 469.174 to 469.179; and WHEREAS, pursuant to the Act, the Authority is authorized to undertake certain activities to prepare such real property for development by private enterprise; and WHEREAS, in order to achieve the objectives of the Development Plan for the Project the Authority is prepared to pay certain public improvement costs of the Project, in order to bring about development in accordance with the Development Plan and this Agreement; and WHEREAS, the Authority believes that the development of the Project Area pursuant to this Agreement, and fulfillment generally of this Agreement, are in the vital and best interests of the Authority and the health, safety, morals, and welfare of its residents, and in accord with the public purposes 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: SJB-237079v2 LN 140-81 1