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<br /> ----- ---- <br /> r <br /> C DEVELOPMENT AGREEMENT . <br /> .<r l."!."L <br /> THIS AGREEMENT, made as of the I"" day of , <br /> 1990, by and between The City of North St. Paul (the "City") I a <br /> municipal corporation of the State of Minnesota, and Cottages of <br /> North St. Paul Limited Partnership, a Minnesota Limited Partner- <br /> ship, ( the "Developer"). <br /> WITNESSETH: <br /> WHEREAS, the City is a city organized and existing pursuant to <br /> the Constitution and laws of the State of Minnesota and is governed <br /> by the Council of the City; and <br /> WHEREAS, pursuant to, Minnesota Statutes, Section 469.125 to <br /> 469.134, as amended, the Council is authorized to establish <br /> development districts in order to provide for the development of <br /> the City; and <br /> WHEREAS, pursuant to Minnesota Statutes, Sections 469.174 <br /> through 469.179, as amended, the Council is authorized to finance <br /> the capital and administration costs of a development district with <br /> tax increment revenues derived from a tax increment financing <br /> district established within such development district; and <br /> ~- WHEREAS, the Council of the City has established a development. <br /> program (the "Program); and <br /> WHEREAS, in connection with the Program the Council of the <br /> City has established a development district ( the "Development <br /> District") and a tax increment financing district (the "Tax <br /> Increment District"); and <br /> WHEREAS, in connection with the creation of the Development <br /> District and the Tax Increment District the Council of the City has <br /> prepared and approved a tax increment financing plan and a <br /> development district plan (the "Plan") ; and <br /> WHEREAS, the major objectives of the Council in establishing <br /> the Development District are to: remove, prevent, or reduce blight, <br /> blighting factors, causes of blight, or the spread of blight and <br /> deterioration; to eliminate unhealthful, unsafe, and unsanitary <br /> structures and conditions; reduce traffic hazards; provide land for <br /> needed public streets, utilities, and facil i ties; remove incom- <br /> patible land use, eliminate obsolete or detrimental uses; and <br /> assemble land for development; and <br /> \- . <br /> 1 <br />