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49 <br /> • REDEVELOPMENT AGREEMENT <br /> This Agreement is made as of , 2000, by and between the <br /> HOUSING AND REDEVELOPMENT AUTHORITY OF ST. ANTHONY,MINNESOTA, a <br /> public body corporate and politic (the "HRA"), and HILLCREST DEVELOPMENT, a Minnesota <br /> limited partnership ('Redeveloper"). <br /> WITNESSETH: <br /> WHEREAS, the HRA was created pursuant to state law now codified as Minnesota <br /> Statutes, Sections 469.001 through 469.047 (the "Act") and was authorized to transact business and <br /> exercise its powers by a resolution of the City Council of the City of St. Anthony (the "City") adopted <br /> on July 14, 1981; and <br /> WHEREAS, in furtherance of the objectives of the Act, the HRA has undertaken a <br /> program for the clearance and redevelopment of blighted, vacant and unused areas of the City and in <br /> this connection is engaged in carrying out a redevelopment project as defined in Minnesota Statutes, <br /> Section 469.002, Subdivision 12, known as Redevelopment Project No. 3 (the "Redevelopment <br /> Project") in the area in the City encompassing the Apache Plaza Shopping Center located at 37th <br /> Avenue North and Silver Lake Road and certain adjacent property (the "Project Area"); and <br /> WHEREAS, as of the date of this Agreement there has been prepared and approved <br /> by the HRA and the City Council pursuant to the Act a redevelopment plan for the Redevelopment <br /> Project, dated August 25, 1992, as amended by amendments thereto dated March 23, 1993 and <br /> August 22, 2000 (as so amended, the 'Redevelopment Plan"); and <br /> WHEREAS, on August 22, 2000 the City Council adopted a resolution establishing a <br /> portion of the Project Area as a tax increment financing district; and <br /> WHEREAS, the major objectives of the Redevelopment Plan are to: promote and <br /> secure the prompt renovation of the property in the Project Area; promote and secure additional <br /> employment opportunities for residents of the City and.surrounding area; correct storm water run-off <br /> problems from property in the Project Area; and halt the decline and secure increase in the value of <br /> taxable property in the Project Area; and <br /> WHEREAS, in order to achieve the objectives of the Redevelopment Plan, the HRA <br /> intends to provide aid and assistance to the Redeveloper through tax increment financing, as described <br /> in Minnesota Statutes, Sections 469.174 through 469.179 to finance the cost of the acquisition by the <br /> Redeveloper of property located in the Project Area and the rehabilitation and renovation of buildings <br /> located on such property, together with related site improvements; and <br />