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REDEVELOPMENT CONTRACT <br /> This Agreement is made as of May _, 1989, by and <br /> between the HOUSING AND REDEVELOPMENT AUTHORITY OF ST. ANTHONY, <br /> MINNESOTA, a public body corporate and politic (the "HRA" ) , and <br /> EVERGREEN DEVELOPMENT CORPORATION, a Minnesota corporation <br /> ("Redeveloper" ) . <br /> WITNESSETH: <br /> WHEREAS, the HRA was created pursuant to state law now <br /> codified as Minnesota Statutes , Sections 469 .001 through <br /> 469 . 047 (the "Act" ) and was authorized to transact business and <br /> exercise its powers by a resolution of the City Council of the <br /> City of St . Anthony (the "City" ) adopted on July 14, 1981; and <br /> WHEREAS, in furtherance of the objectives of the Act, <br /> the HRA has undertaken a program for the clearance and <br /> redevelopment of blighted, vacant and unused areas of the City <br /> and in this connection is engaged in carrying out a <br /> redevelopment project as defined in Minnesota Statutes, Section <br /> 469 . 002, Subdivision 12 , known as Redevelopment Project No. 2 <br /> (the "Project" ) in the area in the City east of Fordham Drive, <br /> south of Silver Lane and northwest of the Soo Line Railroad <br /> right-of-way (the "Project Area" ) ; 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 the Act a redevelopment plan for the Project, dated <br /> 1989 (the "Redevelopment Plan") ; and <br /> WHEREAS, on May _, 1989 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: correct unusual soil deficiencies , combine <br /> irregularly-shaped properties to prevent poor planning and <br /> development, assemble underdeveloped land for medium density <br /> redevelopment; provide a redevelopment site of a character that <br /> will encourage development of the area and improve sources of <br /> public revenue; eliminate blighting influences which impede <br /> potential development; and provide maximum opportunity for <br /> redevelopment by private enterprise consistent with the needs <br /> of the City as a whole; and <br /> 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 tax increment financing, as <br />