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WHEREAS, in- order• to achieve the objectives of the • <br /> Redevelopment Plan, the HRA intends . to .provide aid and <br /> assistance .to the Project through the sale of bonds by the HRA <br /> or ,the - City to .finance the..public costs of the .redeve.lopment of <br /> the Project Area; and <br /> WHEREAS, in order to achieve the objectives of the <br /> Redevelopment Plan, the HRA is prepared to acquire certain real <br /> property located in .the Project Area, more particularly - <br /> described in Schedule A attached hereto (the "Redevelopment <br /> Property") , and convey the Redevelopment Property to <br /> Redeveloper in, accordance with this Agreement; and <br /> WHEREAS, the HRA believes that redevelopment of the <br /> Project Area pursuant to this Agreement is in the best <br /> interests of the City and benefits the healt-h, safety, morals <br /> and welfare_ of its residents, and complies with the applicable <br /> state and local laws and requirements under which the Project <br /> has been undertaken and is being assisted; <br /> NOW, THEREFORE, in consideration of the foregoing <br /> premises and the mutual obligations set forth in this <br /> . Agreement, the. parties hereto hereby agree as follows : <br /> ARTICLE I <br /> Definitions • <br /> SECTION 1 . 1 . Definitions . In this Agreement, unless <br /> a different meaning clearly appears from the context : <br /> "Act". means Minnesota, Statutes, Sections 462 .411 to 462 . 711 . <br /> "Agreement" means this *Agreement, as the same may be from time <br /> to. time modified, amended or supplemented. <br /> "Arkand Bonds" means those certain Multifamily Housing Bonds <br /> (Arkand Limited Partnership II Housing Project) in the <br /> aggregate principal amount of $11, 175, 000 issued by the City <br /> pursuant to Minnesota Statutes, Chapter 462C and those certain <br /> Multifamily Housing Bonds (Arkand Limited Partnership III <br /> Project) in the aggregate principal amount- ,of $11, 990, 000 <br /> issued by the City pursuant to Minnesota Statutes, Chapter 462C. <br /> "Article" means an Article of this Agreement . <br /> "Assessment Agreement" means an Assessment Agreement in the <br /> form of Exhibit C attached hereto and made a part hereof . <br /> "Assessor ' s Market Value" means the market value of .real <br /> property as determined by the assessor for the City in <br /> accordance with Minnesota Statutes , Section 273 . 11 . • <br /> -2- <br />