|
sin-
<br /> j
<br /> REDEVELOPMENT CONTRACT ; 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 /> THIS AGREEMENT, made as of May 24, 1983, by and } WHEREAS, in order to achieve the objectives of the
<br /> between the HOUSING AND REDEVELOPMENT AUTHORITY OF ST. ANTHONY, Redevelopment Plan, the Agency intends to provide aid and
<br /> MINNESOTA, a public body corporate and politic (the "Agency"),
<br /> establ'ished pursuant to Minnesota Statutes, Sections assistance to the Project through the sale of bonds by the
<br /> 462.411-462.711 (the "Act"), and RSHIP, a general Agency or the City to finance the public costs of the
<br /> partnership organized and existing under t e laws—of the State redevelopment of the Project Area; and
<br /> of Minnesota ("Redeveloper"), whose only partners are The
<br /> Arkell Development Corporation and Kraus-Anderson Realty ! WHEREAS, in order to achieve the objectives of the
<br /> Company, each- a Minnesota corporation. Redevelopment Plan, -the Agency is prepared to acquire certain
<br /> real property located in the Project Area, more particularly
<br /> WITNESSETH: i described in Schedule A attached hereto (the "Redevelopment
<br /> s Property"), and convey the Redevelopment Property to
<br /> WHEREAS, the Agency was created pursuant to Section Redeveloper as three separate Phases identified in Schedule A-1
<br /> 462.425, Subdivision 1, of the Act and was authorized to attached hereto for redevelopment in accordance with the
<br /> transact business and exercise its powers by a resolution of Redevelopment Plan and.this Agreement; and
<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 WHEREAS, the Agency believes that redevelopment of the
<br /> Act; and Project Area pursuant to this Agreement is in the best
<br /> interests of the City and benefits the health, safety, morals
<br /> WHEREAS, in furtherance of the objectives 'of the Act, and welfare of its residents, and complies with the applicable
<br /> and in particular, Sections 462.445, Subdivision 1(4), 462.421, state and local laws and requirements under which the Project
<br /> Subdivision 13, 462.515 and 462.521 of the Act, the Agency has has been undertaken and is being assisted;
<br /> undertaken a program for the clearance and reconstruction of
<br /> blighted, deteriorated, deteriorating, vacant, unused,- NOW, THEREFORE, in consideration of the foregoing
<br /> underused or inappropriately used, areas of the City and in premises and the mutual obligations set forth in this
<br /> this connection is engaged in carrying out a redevelopment Agreement, the parties hereto hereby agree as follows:
<br /> project known as the Kenzie Terrace Redevelopment Project -(the
<br /> "Project") in an area (the "Project Area") located in the City; ARTICLE I
<br /> and Definitions
<br /> WHEREAS, as of the date of this Agreement there has SECTION 1.1. Definitions. In this Agreement, unless
<br /> been prepared and approved by the Agency and the City Council a different meaning clearly appears from the context:
<br /> pursuant to Sections 462.515 and 462.521 of the Act a
<br /> redevelopment plan for the Project, dated May-1982 (the "Act" means_M-innesota StarnrPC. Sarrinnc aU.411 to 462.7,11.
<br /> "Redevelopment Plan"); and
<br /> � "Agreement" means this Agreement, as the same may be from time
<br /> WHEREAS, on June 28, 1982 the City Council adopted a to time modified, amended or supplemented.
<br /> resolution establishing the Project Area.as a tax increment _
<br /> financing district; and "Article" means an Article of. this Agreement.
<br /> WHEREAS, the major objectives of the Redevelopment "Assessor's Market Value" means the.market value of real
<br /> Plan are to: acquire for redevelopment economically or property as determined by the assessor for the City in
<br /> functionally obsolete or underutilized buildings and land; accordance with Minnesota Statutes, Section 273.11.
<br /> provide a redevelopment site of a character that will encourage
<br /> future development of the area and improve sources of public "Assessed Value"means the value of real property as determined
<br /> revenue; eliminate blighting influences which impede potential by the assessor for the City in accordance with Minnesota
<br /> development; provide maximum opportunity for redevelopment by Statutes, Section 273.13 against which the real property tax is
<br /> imposed.
<br /> -2-
<br />
|