Resolution 05-EDA207 - Laserfiche WebLink

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. . . DEVELOPMENT AGREEMENT THIS AGREEMENT, made as of , 2005, by and between Economic Development Authority of the City of Mounds View, Minnesota, a body politic and corporate (the "Authority") and SYSCO Food Services of Mimlesota, Inc., a Delaware corporation (the "Developer"), WITNESSETH: WHEREAS, pursuant to Minnesota Statutes, Sections 469.001 through 469.047, the City of Mounds View, Mimlesota (the "City") has formed a Redevelopment Project Area (the "Redevelopment Area") and has adopted a redevelopment plan therefor (the "Redevelopment Plan"); and WHEREAS, the Authority has assumed jurisdiction over the Redevelopment Area and the Redevelopment Plan; and WHEREAS, pursuant to the provisions of Mimlesota Statutes, Section 469.174 through 469.1799, as amended (hereinafter, the "Tax Increment Act"), the Authority and the City have created, within the Redevelopment Area, Tax Increment Financing District No. 3 (the "Tax Increment District"), and have adopted a tax increment financing plan, therefor (the "Tax Increment Plan") which provides for the use of tax increment financing in cOlmection with development within the Redevelopment Area; and WHEREAS, in order to achieve the objectives of the Redevelopment Area and particularly to make the land in the Redevelopment Area available for development by private enterprise in conformance with the Redevelopment Plan, the AuthOlity has determined to assist the Developer with the financing of certain costs of a Project (as hereinafter defined) to be constructed within the Redevelopment Area as more particularly set forth in this Agreement; and WHEREAS, the Authority believes that the development and construction of the Project, and fulfillment of this Agreement are vital and are in the best interests of the City, the health, safety, morals and welfare of residents of the City, and in accordance with the public purpose and provisions of the applicable state and local laws and requirements under which the Project has been undertaken and is being assisted; and WHEREAS, the requirements of the Business Subsidy Law, Mimlesota Statutes, Section 116J.993 through lI6J995, apply to this Agreement; and WHEREAS, the Authority has adopted criteria for awarding business subsidies that comply with the Business Subsidy Law, after a public hearing for which notice was published; and WHEREAS, the Board of Commissioners of the Authority, has approved this Agreement as a subsidy agreement under the Business Subsidy Law. 1796750vl