CCP 06-13-1994 - Laserfiche WebLink

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. PRELIMINARY DEVELOPMENT AGREEMENT THIS AGREEMENT is made and entered into this _ day of , 1994, by and between the City of Arden Hills (the "City"), a political subdivision under the laws of the State of Minnesota, with its principal office at 1450 West Highway 96, Arden Hills, Minnesota 55112, and Everest Development, Ltd" a Minnesota corporation (referred to herein as the "Developer"), with its principal office at 2685 Long Lake Road, Roseville, Minnesota 55113, WITNESSETH: WHEREAS, pursuant to Minnesota Statutes, sections 469.124-469.134 (the "Act"), the City has undertaken a program to encourage and assist the development of certain real property located within the City's Municipal Development District No, I (the "Project"); and WHEREAS, the Developer has presented to the City a proposal for the development of a multi-phased office\warehouse development within the Project (the "Development''): and WHEREAS, the City Council of the City has reviewed the Developer's development proposal and desires to enter into this Preliminary Development Agreement to allow the Developer to further refine its proposal and to negotiate with the City concerning public . participation in and approval of the proposed Development; and WHEREAS, the City and the Developer desire to undertake the Development if: (i) a satisfactory agreement can be reached regarding the City's commitment for public financial assistance necessary for the Development; (ii) satisfactory mortgage and equity financing for the Development can be secured; and (iii) the economic feasibility and soundness of the Development and other necessary preconditions have been determined to the satisfaction of the parties, NOW, THEREFORE, in consideration of the covenants and obligations of the parties hereto, the City and the Developer hereby agree as follows: Section 1, Preliminary Nature of Allreement. The City and the Developer agree that this Agreement is intended to be preliminary in nature, Before the City and the Developer can make a decision on whether to proceed with the implementation of the Developer's development proposal, it will be necessary to assemble and consider infonnation relative to the design, economics and other aspects of the Development. The purpose of this Agreement is to allow the Developer an opportunity to assemble such necessary infonnation, to refine the above referenced development proposal, and to negotiate with the City concerning the execution of a Redevelopment Contract (the "Contract") which, if executed, will set forth the rights and responsibilities of the City and the Developer with respect to such development, .