CCP 06-15-1993 - Laserfiche WebLink

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. , . DEVELOPMENT AGREEMENT THIS AGREEMENT, is made this day of , 1993, between the CITY OF ARDEN HILLS, MINNESOTA, a Municipal corporation organized and existing under the constitution and laws of the State of Minnesota (the "city"), and EVEREST DEVELOPMENT, LTD., a Minnesota corporation (the "Developer"). WIT N E SSE T H: WHEREAS, pursuant to applicable Minnesota Statutes, the city has created Development District No. 1, and within such development district has created Tax Increment Financing District No. 2, which tax increment financing district covers property consisting of approximately 85.8 acres, is located in the northeast quadrant of the intersection of Highways 35W and 694, and is depicted on attached Exhibit A; and WHEREAS, the City has been and continues to be interested in facilitating the development of the property within the tax . increment district; and WHEREAS, the city, given the size, character, nature, and multiple ownership of the SUbject property, has concluded that the most effective way to facilitate desired development of the property is to align itself with a single developer to assure rational and coordinated planning for and development of the property; and WHEREAS, the city, based upon the unique challanges presented by the property, including without limitation the need for significant public improvements and significant efforts in site assembly, recognizes that use of tax increment financing assistance will be necessary to stimulate, attract, facilitate and support appropriate development of the property; and WHEREAS, the Developer is interested in providing the planning, marketing, and development services necessary for development of the property consistent with the objectives of and in cooperation with the city; and ahdcvagr/c:2 6111193 . 1