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®7 <br /> • EXHIBIT D <br /> BUSINESS SUBSIDY AGREEMENT <br /> This Business Subsidy Agreement (this "Agreement") is made as of the day of <br /> , 2000, between the Housing and Redevelopment Authority of St. Anthony, Minnesota <br /> (the "Grantor") and Hillcrest Development, (the "Recipient"). In order to satisfy the provisions of <br /> Minnesota Statutes, Sections 116J.993 through 116J.995 (the "Act"), the Recipient acknowledges and <br /> agrees as follows: <br /> 1. Description of the Business Subsidy <br /> (a) The Project. The Recipient will be undertaking the following project within the <br /> Grantor's area of operation: The acquisition and renovation and rehabilitation of Apache Plaza <br /> Shopping Center and related site improvements (the "Project"). <br /> (b) Type of Business Subsidy. The Business Subsidy consists of the following assistance to <br /> the Recipient for the Project: Tax Increment Financing contribution for land acquisition and building <br /> demolition and assistance for costs of construction of storm sewer improvements (the "Business <br /> Subsidy").. <br /> (c) Amount of the Business Subsidy. The amount of the Business Subsidy granted to the <br /> Recipient under this Agreement has a value of$5,050,000. This is based upon a$4,750,000 Tax <br /> Increment contribution, for Public Redevelopment Costs related to the Project and $300,000 for storm <br /> sewer improvements to be constructed as part of the Project. <br /> (d) Type of Tax Increment Financing District. The Tax Increment District in which the <br /> Project is located is a "redevelopment district" within the meaning of the Tax Increment Financing Act, <br /> Minnesota Statutes, Sections 469.174 through 469.179. <br /> 2. Public Purpose for the Business Subsidy. The public purpose of this Business Subsidy <br /> is to redevelop blighted areas. <br /> 3. Why the Business Subsidy is Needed. The Business Subsidy is needed because the <br /> Grantor is desirous of Recipient undertaking the Project in order to redevelop blighted property in the <br /> Grantor's area of operation and the Project is not economically feasible for the Recipient to undertake <br /> without the Business Subsidy. <br /> • <br /> D-1 <br />