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REDEVELOPMENT CONTRACT • <br /> THIS AGREEMENT, made as of July 6, 1988, 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, Sections <br /> 462 .411-462 . 711 (the "Act" ) , and ST. AI�THONY LANEL, a Minnesota <br /> limited partnership ( "Redeveloper" ) . <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 July 14 , 1981 , pursuant to 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 out 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 />