Laserfiche WebLink
• <br />• <br />CONTRACT FOR PRIVATE DEVELOPMENT <br />THIS AGREEMENT, made as of the day of September, 2003, by and between the <br />LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY, a public body corporate and politic <br />under the laws of Minnesota (the "Authority "), and PANATTONI DEVELOPMENT CO., LLC, a <br />California limited liability company (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 to <br />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 activities <br />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 the <br />Authority is prepared to pay certain public improvement costs of the Project, in order to bring about <br />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 this <br />Agreement, and fulfillment generally of this Agreement, are in the vital and best interests of the <br />Authority and the health, safety, morals, and welfare of its residents, and in accord with the public <br />purposes and provisions of the applicable State and local laws and requirements under which the <br />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- 237079v2 <br />LN140 -81 <br />1 <br />