Laserfiche WebLink
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 redevelopment 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 health, 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 /> WHEREAS, Redeveloper has paid to the HRA earnest money <br /> in the amount of $20 , 000 . 00 and may under certain conditions <br /> pay to the HRA an additional $20, 000 . 00 (all of such amounts <br /> being herein referred to as the "Earnest Money" ) , which shall <br /> not be refunded to Redeveloper except as expressly provided in <br /> this Agreement . <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 III Project) in the aggregate <br /> principal amount of $11, 990, 000 issued by the City pursuant to <br /> 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 /> • -2- <br />