Agenda Packets - 1987/12/14 - Laserfiche WebLink

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CONTRACTFOR PRIVATR REDEVELOPMENT THIS AGREEMENT, made on or as of the day of , 1987, by and between The City of Mounds View (the "City'), a home rule city of the State of Minnesota, having its principal offices at 2401 Highway 10, Mounds View, Minnesota 55112 and Everest Development, Ltd., a Minnesota corporation with its principal office at 2685 Long Lake Road, °oseville. Minnesota 551131 and Commercial Property Investments, inc., R Minnesota Corporation, with its principle office at 2685 Long Lake Road, Roseville, Minnesota 55113 (Everest Development, Ltd., and Commercial Property investments being collectively referred to herein as "Redeveloper'). WITNESSETHr WHEREAS, the City is a home rule charter city organized and existing pursuant to the Constitution and Iaws of the State of Minnesota and its charter and Is governed by the Council of the City; and WHEREAS, pursuant to the Municipal Development Districts Act, Minnesota Statutes, Sections 469.124 to 469.134, as amended, the Council Is authorized to establish development districts in order to provide for the development and redevelopment of the City; and 'Y WHEREAS, pursuant to the Minnesota Tax inere.aent Financing Act, Minnesota Statutes, Sections 469.174 to 469.179, as amended, the Councl! is authorized to finance the capital and administration costs of a development district with tax Increment revenues derived from a tax Increment financing district established within such development district; and WHEREAS, the Council of the City has established Development District Number 2 (the "Development Distract") pursuant to the Mumicipal Development Districts Act; and WHEREAS, In conneci.o• -pith the Development District, the City Council of the City has created a tax Increment financing district (the "Tax Increment District') pursuant to the Minnesota Tax increment Financing Act; and WHEREAS, In connection with the Tax Increment District the Council of the City has prepared and approved a tax increment financing plan (which tax Increment financing plan, together with the Development District plan is hereinafter referred to as the "Plan'); and WHEREAS, the major objectives of the Council in establishing the Development District are to; acquire land or space which is vacant, unused, underused, or inappropriately used; eliminate or correct physical deterrents to the development of land; acquire property containing structurally substandard buildings and remove structurally substandard buildings for which rehabilitation is not feasible; eliminate blighting influences which Impede potential development; provide adequate streets, sidewalks, and other public improvements to enhance the area for new development; achieve a high level of design and landscaping q�lr lty to enhance the phys;eal environment; provide emp!oyment opportunities through the