05-23-1994 EDA WS - Laserfiche WebLink

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�T�'.��3��lE�9 i� � Agreement This Agreement is dated as of , 1994; is by and between the Mounds View Economic Development Authority (the "EDA") and Everest Development, Ltd., a Minnesota corporation (the "Developer"); and provides as follows: 1. Recitals. (a) The City of Mounds View, Minnesota (the °1City") , and the Developer have in recent years jointly cooperated in the development of the Developer's Mounds View Business Park (the "Business Park°'), with the City's participation coming particularly in the form of tax increment assistance and bonding to defray certain public development costs related thereto. (b) More particularly, the City established its Development District No. 2, adopted the Development Program for the Development District, and established Tax Increment Financing District No. 1(the "TIF District") within the Development District, with the Business Park being within the Development District and the TIF District. The EDA represents that the City has transferred to the EDA the control and governance of the Development District, its Development Program, and the TIF District and its tax increment financing plan, and the EDA has subsequently incorporated all of the aforesaid into the EDA's Mounds View Economic Development Project. (c) While build-out of the Business Park has proceeded, there remain several undeveloped building sites (the "Remaining Sites") within the Business Park, and the EDA and the Developer desire to establish certain understandings as to the circumstances in which tax increment assistance may be appropriate to assist the development of such sites and the final build-out of the Business Park. 2. Assistance Guidelines. The EDA hereby states its preliminary intention to approve tax increment financing assistance for development projects proposed and undertaken by the Developer on the Remaining Sites within the Business Park, subject to the following preliminary conditions: (a) The term of the tax increment assistance would be for a period between five and nine increment years, depending on demonstrated need, but in no event beyond the duration of the TIF District. (b) The Board of the EDA at the time shall have determined that there is a need for the level and amount of the tax increment assistance sought. z6327z.i