07-25-2016 EDA Packet - Laserfiche WebLink

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CONTRACT FOR PRIVATE DEVELOPMENT THIS CONTRACT FOR PRIVATE DEVELOPMENT (the "Agreement"), made as of the 251h day of July, 2016, by and between the LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY, a public body corporate and politic under the laws of the State of Minnesota (the "Authority"), and UNITED PROPERTIES DEVELOPMENT LLC, a Minnesota limited liability company (the "Developer"), and DISTRIBUTION ALTERNATIVES, INC., a Minnesota corporation (the "Tenant"). WITNESSETH: WHEREAS, the Authority and the City of Lino Lakes, Minnesota (the "City") have 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 connection created a Development District known as Development District No. 1 (the "Development District") pursuant to Minnesota Statutes, Sections 469.124 to 469.133, as amended (the "Municipal Development Act") which is administered by the Authority; and WHEREAS, the Authority has approved a Tax Increment Financing Plan for Tax Increment Financing (Economic Development) District No. 1-12 (the "TIF District") pursuant to Minnesota Statutes, Sections 469.174 to 469.1794, as amended (the "Tax Increment Act"), made up of certain property within the Development District (the "Development Property"); and WHEREAS, pursuant to the Municipal Development Act, the Authority is authorized to undertake certain activities to facilitate the development of real property by private enterprise; and WHEREAS, the Developer proposes to develop certain improvements on certain property described in EXHIBIT A (the "Development Property") within the Development District and TIF District; and WHEREAS, in order to achieve the objectives of the Development Program (the "Development Program") for the Development District, the Authority is prepared to reimburse the Developer for certain public improvement and site preparation costs, including soil correction and road construction in order to bring about development in accordance with the Development Program and this Agreement; and WHEREAS, the Authority believes that the development of the Development Property pursuant to this Agreement, and fulfillment generally of this Agreement, are in the vital and best interests of the public and the health, safety, morals, and welfare of the City's 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: 1 482405v6