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Agreement <br /> This Agreement is dated as of , 1994 ; is by and <br /> between the Mounds View Economic Development Authority (the "EDA") <br /> and Everest Development, Ltd. , a Minnesota corporation (the <br /> "Developer") ; and provides as follows: <br /> 1. Recitals. <br /> (a) The City of Mounds View, Minnesota (the "City") , and <br /> the Developer have in recent years jointly cooperated in the <br /> development of the Developer' s Mounds View Business Park (the <br /> "Business Park") , with the City' s participation coming <br /> particularly in the form of tax increment assistance and <br /> bonding to defray certain public development cQst� related <br /> thereto_ " <br /> (b) More particularly, the City established its <br /> Development District No. 2, adopted the Development Program <br /> for the Development District, and established Tax Increment <br /> Financing District No. 1 (the "TIF District") within the <br /> Development District, with the Business Park being within the <br /> Development District and the TIF District. The EDA represents <br /> that the City has transferred to the EDA the control and <br /> governance of the Development District, its Development <br /> Program, and the TIF District and its tax increment financing , <br /> plan, and the EDA has subsequently incorporated all of the <br /> aforesaid into the EDA ' s Mounds View Economic Development <br /> Project. <br /> (c) S+1hile_build-out of the Business Park has proceeded, <br /> there , remain-,oeseveral undeveloped . building sites (the <br /> "Remaining Sites") within the- BusinesPark, and the EDA and <br /> the Developer desire to establish certain understandings as to ' <br /> the circumstances in which tax increment assistance may be <br /> appropriate to assist the development of such sites and the <br /> final build-out of the Business Park. <br /> 2 . Assistance Guidelines. The EDA- :hereby- states its <br /> preliminary intention to approve tax increment financing assistance <br /> for development projects proposed and undertaken by the Developer <br /> on the Remaining Sites within the Business Park, subject to the <br /> following preliminary conditions: <br /> (a) The term of the tax increment assistance would be <br /> for a period between five and nine increment years, depending <br /> on demonstrated need, but in no event beyond the duration of <br /> the TIF District. <br /> (b) The Board of the EDA at' the time shall have <br /> determined that there is a need for the level and amount of <br /> the tax increment assistance sought. <br /> • <br /> 263272.1 <br />