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<br /> '" .' <br /> t DEVELOPMENT AGREEMENT <br /> THIS AGREEMENT, made as of the 1st day of June, 1991, by and <br /> between the City of Cottage Grove, Minnesota (the "City"), a <br /> municipal corporation organized and existing under the laws of <br /> the State of Minnesota and Cottages of Cottage Grove Limited <br /> Partnership, (the "Developer"), <br /> WITNESSETH: <br /> WHEREAS, pursuant to Minnesota Statutes, Section 469.124 <br /> through 469.134, the City has formed Municipal Development <br /> District No. 7 (tlrt! "Development District") and has adopted a <br /> development program therefor (the "Development Program"); and <br /> WHEREAS, pursuant to the provisions of Minnesota Statutes, <br /> Section 469.174 through 469.179, as amended, (hereinafter the <br /> "Tax Increment Act") , the City has created, within the <br /> Development District, Tax Increment Financing District No. 1-8 <br /> (the "Tax Increment District"), the legal description of which is <br /> attached hereto as Exhibit A, and has adopted a tax increment <br /> financing plan, dated. April 3, 1991, therefor (the "Tax Increment <br /> Plan") which provides for the use of tax increment financing in <br /> connection with certain development within the Development <br /> District; and <br /> i <br /> ~ <br /> - WHEREAS, in order to achieve the objectives of the <br /> Development Program and particularly to make the land in the <br /> Development District available for development by private <br /> enterprise in conformance with the Development Program, the City <br /> has determined to assist the Developer with the financing of <br /> certain costs of a Project (as hereinafter defined) to be <br /> constructed within the Tax Increment District as more <br /> particularly set forth in this Agreement; and <br /> WHEREAS, the City believes that the development and <br /> construction of the Project, and fulfillment of this Agreement <br /> are vital and are in the best interests of the city of Cottage <br /> Grove, the health, safety, morals and welfare of residents of the <br /> City, and in accordance with the public purpose and provisions of <br /> the applicable state and local laws and requirements under which <br /> the Project has been undertaken and is being assisted. <br /> NOW, THEREFORE, in consideration of the premises and the <br /> mutual obligations of the parties hereto, each of them does <br /> hereby covenant and agree with the other as follows: <br /> -\ <br /> - <br /> 18499 <br /> -,., <br /> - ~ <br />