03-22-1999 EDA - Laserfiche WebLink

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MOUNDS VIEW HOUSING REPLACEMENT PROGRAM PARTICIPATION AGREEMENT THIS AGREEMENT is made and entered into this day of , 1997 ,by and between the ECONOMIC DEVELOPMENT AUTHORITY IN AND FOR THE CITY OF MOUNDS VIEW, a body corporate and politic under the laws of the State of Minnesota,having its principal office at 2401 Highway 10, Mounds View,MN 55112 (EDA) and , a Minnesota ,having its principal office at . (Developer) In consideration of the mutual covenants and obligations of the EDA and the Developer,the parties do hereby covenant and agree as follows: 1. The Developer agrees to pay $500 to.the EDA for the rights to participate in redevelopment of a property owned by the EDA in accordance with the guidelines of the Mounds View EDA's Housing Replacement Program. 2. In return for$500,the receipt of which from the Developer is hereby acknowledged by the EDA,the EDA grants to the Developer the exclusive right to enter into a Purchase and Redevelopment Agreement to redevelop the property located at 6991 Pleasant View Drive and legally described as Lot 70, Knollwood Park, Ramsey County, Minnesota in accordance with the Mounds View EDA's Housing Replacement Program. This right will expire on , 19 , unless,prior thereto, the Developer and the EDA have executed a Purchase and Redevelopement Agreement with regard to the property. 3. The EDA agrees to negotiate in good faith with the Developer regarding redevelopment of the property but nothing contained in this Agreement shall require the EDA to enter into a Purchase and Redevelopment Agreement if, at the EDA's sole discretion,it deems such not to be in its best interests. 4. The fee paid by the Developer to the EDA in connection with this Agreement for participation in the EDA's Housing Replacement Program is non-refundable and non- transferable to any other property or site owned by the EDA. DEVELOPER EDA By: By: Its President Its By: Its Executive Director