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01-04-1999 WS & CC
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01-04-1999 WS & CC
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MV City Council
City Council Document Type
City Council Packets
Date
1/4/1999
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BRIGGS&MORGRN Fax:6512236645 Dec 11 '98 16:53 P.05 <br /> DEVELOPMENT AGREEMENT <br /> • <br /> THIS AGREEMENT, made as of the day of , <br /> 1998; by and between the City of Mounds View, Minnesota (the <br /> "City") , a municipal corporation and political subdivision <br /> organized and existing under the Constitution and the laws of the <br /> State of Minnesota; and , a (the <br /> "Developer") , <br /> WITNESSETH: <br /> WHEREAS, pursuant to Minnesota Statutes, Sections 469 . 124 <br /> through 469 . 134 (the "Municipal Development Act") , the City has <br /> formed the Mounds View Economic Development Project (the <br /> "Development District") and adopted a Development Program (the <br /> "Development Program") for the Development District; and <br /> WHEREAS, pursuant to the provisions of Minnesota Statutes, <br /> Section 469 .174 through 469 . 179, as amended, (hereinafter the <br /> "Tax Increment Act" ) the City has created a tax increment <br /> financing district (the "Tax Increment District") designated as <br /> Tax Increment District No. 1, and has adopted a tax increment <br /> financing plan (collectively, the "Tax Increment Plan") therefor <br /> which provides for the use of tax increment financing in <br /> connection with development within the Development District; and <br /> WHEREAS, in order to achieve the objectives of the <br /> Development Program and particularly to make the land in the <br /> Development District available for development by private <br /> enterprise in conformance with the Development Program, the City <br /> has determined to reimburse the Developer for certain costs of a <br /> Project to be undertaken by the Developer; and <br /> WHEREAS, a major objective of the Development Program and <br /> Tax Increment Plan is to assist redevelopment and development and <br /> prevent the further deterioration of land located within the <br /> Development District; and <br /> WHEREAS, the City believes that the development of a certain <br /> Project as more fully set forth in this Agreement pursuant to the <br /> terms of this Agreement, and fulfillment of this Agreement are <br /> vital and are in the best interests of the City and the health, <br /> safety, morals and welfare of its residents, and in accordance <br /> with the public purpose and provisions of the applicable state <br /> and local laws and requirements under which the Project has been <br /> undertaken and is being assisted. <br /> 965316.Red <br /> V2 to V1; 12/11/98 <br />
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