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02/28/2005 Council Packet
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02/28/2005 Council Packet
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1/28/2014 2:25:19 PM
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City Council
Council Document Type
Council Packet
Meeting Date
02/28/2005
Council Meeting Type
Regular
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CONTRACT FOR PRIVATE DEVELOPMENT <br />THIS AGREEMENT, made as of the day of , 2005, by and between <br />the LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY, a public body corporate and <br />politic under the laws of Minnesota (the "Authority "), and SCHWAN'S HOME SERVICE, <br />INC., a Minnesota corporation (the "Developer "). <br />WITNESSETH: <br />WHEREAS, the Authority has undertaken a program to promote economic development <br />and job opportunities and to promote the development of land which is underutilized within the <br />City, and in this connection created Development District No. 1 (hereinafter referred to as the <br />"Project ") in an area (hereinafter referred to as the "Project Area ") located in the City and a Tax <br />Increment Financing District No. 1 -10 (the "TIF District ") within the Project Area, all pursuant <br />to Minnesota Statutes, Sections 469.124 to 469.134 (the "Act ") and Minnesota Statutes, Sections <br />469.174 to 469.179; and <br />WHEREAS, pursuant to the Act, the Authority is authorized to undertake certain <br />activities to prepare such real property for development by private enterprise; and <br />WHEREAS, in order to achieve the objectives of the Development Plan for the Project <br />the Authority is prepared to pay certain public improvement costs of the Project, in order to bring <br />about development in accordance with the Development Plan and this Agreement; and <br />WHEREAS, the Authority believes that the development of the Project Area pursuant to <br />this Agreement, and fulfillment generally of this Agreement, are in the vital and best interests of <br />the Authority and the health, safety, morals, and welfare of its residents, and in accord with the <br />public purposes and provisions of the applicable State and local laws and requirements under <br />which the Project has been undertaken and is being assisted. <br />NOW, THEREFORE, in consideration of the premises and the mutual obligations of the <br />parties hereto, each of them does hereby covenant and agree with the other as follows: <br />SJB- 258192v3 <br />LN 140 -89 <br />1 <br />
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