Agenda Packets - 2018/03/05 - Laserfiche WebLink

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CONTRACT FOR PRIVATE DEVELOPMENT THIS CONTRACT FOR PRIVATE DEVELOPMENT, made as of the day of , 2018 (the "Agreement"), is between the MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY, a public body corporate and politic under the laws of the State of Minnesota (the "Authority"), and BOULEVARD APARTMENTS, LIMITED PARTNERSHIP, a Minnesota limited partnership (the "Developer"). WITNESSETH: WHEREAS, the Authority was created pursuant to Minnesota Statutes, Sections 469.090 through 469.1082, as amended, and was authorized to transact business and exercise its powers by a resolution adopted by the City Council of the City of Mounds View, Minnesota (the "City"); and WHEREAS, the Authority and the City have undertaken a program to promote economic development and job opportunities, promote the development and redevelopment of land which is underutilized within the City, and facilitate the development of affordable housing, and in this connection created a redevelopment district known as the Mounds View Economic Development Project (the "Project") in the City, pursuant to Minnesota Statutes, Sections 469.001 through 469.047, as amended; and WHEREAS, within the Project, the City and the Authority have established Tax Increment Financing District No. 1-6 (a housing district) (the "TIF District") and have adopted a financing plan (the "TIF Plan") for the TIF District in order to facilitate redevelopment of certain property in the Project and promote the development of affordable housing within the City, all pursuant to Minnesota Statutes, Sections 469.174 through 469.1794, as amended; and WHEREAS, the Developer proposes to acquire certain tax -forfeited property from the City and certain other additional properties within the TIF District and construct and develop a three-story, 60 -unit workforce rental building, including underground parking (the "Minimum Improvements"); and WHEREAS, in order to make the Minimum Improvements economically feasible for the Developer to construct, the Authority is prepared to reimburse the Developer for certain land acquisition costs, site improvement costs, and costs of constructing housing related to the Minimum Improvements; and WHEREAS, the Authority believes that the development of the TIF District pursuant to this Agreement, and fulfillment generally of this Agreement, are in the vital and best interests of the City and the health, safety, morals, and welfare of its 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: 516911v1 JAE MU205-47