CCP 07-20-1993 - Laserfiche WebLink

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, TInS AGREEMENT. made and entered into as of this _ day of .1993. . between the CITY OF ARDEN HILLS. a municipal corporation and political subdivision of the Swc of Minnesota (the "City"), and CQTIAGE VILLAS OF ARDEN HILLS LIMITED PARTNERSHIP. a Minnesota limited pannership (as hereinafter defined, the "Partnership"); WITNESSETIi 1HA T. in the joint and mutual exercise of their powers, and in consideration of the mutual covenants herein contained, the panies hereto recite and agree as follows: Section 1. Recitals. 1.01. Desi9'11arinn of Develnnmenr Di~tricr and Adnntion of Develnnmenr PmlmUll.. The City has designated a development disalct in the City denominated Development District No.1 (the "Development District") and has approved an amended development program for the Development District (as so amended, the "Development Program") PllISuantto and in accordance with Minnesota Statutes. Sections 469.124 through 469.134, as amended (the "Act"). 1.02. Creation of the Tax Increment Financinl!: District. The City has established Tax Increment Fmancing District No.3 (the "Disalct'') within the Development Disalct and authorized ~ the financing of the Development Program pllISuantto a Tax Increment Financing Plan (the "Fmancing Plan") pursuant to and in accordance with Minnesota Statutes, Sections 469.174 through 469.179. as amended (the "Tax Increment Financing Act"). . 1.03. Imolementarion. The City Council of the City (the "City Council'') has authorized and directed the officers of the City to take all actions necessary to implement and cany out the Development Program. subject only to such approval by the City Council as may be required by . the Act. The Development Program and the Financing Plan propose that the City expend available tax increment to finance certain capital and administrative costs of the Development Disalct as described therein (including the activities described in this Agreement) or reimburse amounts expended by others for such costs. 1.04. Public Develo11lTlent Activities. The City has determined that, in order to accomplish the purposes specified in and to cany out the portion of the Development Program relating TO the property to be developed or redeveloped by the Partnership. it is necessary and desirable for the City TO reimburse the Partnership for the costs to be incurred and paid by the Partnership in connection with the development of cenain property located in Ramsey County, Minnesota, the legal description of which appears in Exhibit A hereto. which is hereby incorporated herein (the "Propeny"). The development will consist of land acquisition, excavation. grading. other site preparation and certain infras1l1lcture improvements as described in Exhibit B hereto. which is hereby incorporated herein (the "Public Development Activities''), which Public Development Activities will facilitate the cons1l1lction of the Minimum Improvements (as hereinafter defined) on the Propeny in accordance with Section 4 hereof. 1.05. V aluation. Upon creation of the Disalcl, the Tax Capacity of all taxable property (including the Propeny) in the Disalct was $5,443. In accordance with Section 4 hereof, the City will apply a portion of the Tax Increment derive6from the District (computed in accordance with , Minnesota Statutes. Section 469.177. or its successor) to reimburse the Pamtership for the costs of the Public Development Activities. 1.06. Authoritv. Each of the panies haf1mthority to enter into this Agreement and to take all actions required of it hereby. and has taken all actions necessary to authorize the execution and delivery of this Jlrsreemenl. - .