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• REDEVELOPMENT CONTRACT <br /> THIS AGREEMENT, -'made as of October 1987:, by and. <br /> between the .HOUSING AND REDEVELOPMENT AUTHORITY OF ST. ANTHONY, <br /> MINNESOTA, a public body corporate and politic (the ."HRA" ) , <br /> established pursuant to Minnesota -Statutes, Se°ctions <br /> 462 .411-462 . 711 (the "Act" ) ; and WILSON STREET ASSOCIATES, a <br /> Minnesota general partnership ( "Red'eveloper") . <br /> WITNESSETH: <br /> WHEREAS, the HRA was created pursuant to Section <br /> 462 .425, Subdivision 1, of the Act. and was authorized to <br /> transact business and exercise -its powers by a resolution of <br /> the City Council of the City of St . .Anthony (the "City" ) <br /> adopted on Jul 14 1981 pursuant P y p t t.o Section 462 .425' -of -the <br /> Act; and <br /> WHEREAS, in furtherance of the objectives of the Act, <br /> and in particular, Sections 462.. 445-, Subdivision 1(4)', 462 .421, <br /> Subdivision 13 , 462 . 515 and 462 . 521 of. the Act , the HRA has <br /> undertaken a program for the clearance and reconstruction of <br /> blighted, deteriorated; deteriorating, vacant, unused, <br /> underused or inappropriately used, areas of the City and in <br /> this connection is engaged in carrying y g o ut a redevelopment <br /> • project known as the Kenzie Terrace Redevelopment Project (the <br /> "Project" ) in an area (the "Project Area_") located' in the City; <br /> and <br /> WHEREAS, as of the date of this Agreement there has <br /> been prepared and approved by the HRA. and the City Council <br /> pursuant to Sections 462 . 515' and 462 . 521 of the Act a <br /> redevelopment plan for the Project , dated May, 1982 (the <br /> "Redevelopment Plan" ) ; and <br /> WHEREAS, on June 28 , 1982 the City Council adopted a <br /> resolution establishing the Project Area as a tax increment <br /> financing' district; and <br /> WHEREAS, the major objectives of the Redevelopment. <br /> Plan are to : acquire for redevelopment economically or <br /> functionally obsolete or underutilized buildings and land; <br /> provide a redevelopment site of a character that will encourage <br /> future development of the area and improve sources of public <br /> revenue; eliminate blighting influences which impede potential <br /> development; , provide maximum opportunity for '- redevelopment by <br /> private enterprise consistent with the needs of the City as a <br /> whole; and encourage private rehabilitation of structures <br /> within the Project Area ; and <br /> • <br />