CCP 07-21-1997 - Laserfiche WebLink

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I I DEVELOPMENT AGREEMENT .. THIS AGREEMENT, is made on or as of the _ day of , 1997, by I and between the Arden Hills Economic Development Authority, a public body corporate and politic (hereinafter referred to as the "Authority"), and having its principal office at 1450 West Highway 96, Arden Hills, Minnesota 55112, and Welsh Companies, a Minnesota corporation I (hereinafter referred to as "Redeveloper"), having its principal office at WITNESSETH: I WHEREAS, the Authority is a political body corporate and politic and a political I subdivision of the State of Minnesota, organized and existing pursuant to the laws of the State of Minnesota and is governed by the Board of Commissioners thereof (the "Board"); and I WHEREAS, pursuant to Minnesota Statutes, Section 469.124 to 469.134 and Sections 469.090 through 469.108 as amended, the Authority is authorized to establish municipal I development districts in order to provide for the development and redevelopment of the City and to operate municipal development districts initially established by the City of Arden Hills (the "City"); and .. WHEREAS, pursuant to the Minnesota Tax Increment Financing Act, Minnesota Statutes, Sections 469.174 to 469.179, as amended, the Authority is authorized to finance the I capital and administrative costs of a municipal development district with tax increment generated from tax increment financing districts established within such municipal development districts; I and WHEREAS, the City has established its Municipal Development District No. 1 I (hereinafter referred to as the "Project") in an area of the City (hereinafter referred to as the "Project Area") pursuant to Minnesota Statutes, Sections 469.124 through 469.134; and WHEREAS, pursuant to a resolution of the City Council of the City, the City Council I transferred control, authority and operation of the Project to the Authority; and WHEREAS, in connection with the Project, there has been created Tax Increment I Financing District No.2 (hereinafter referred to as the "Tax Increment District") pursuant to the Minnesota Tax Increment Financing Act and a tax increment plan therefor (the "Plan"); and I WHEREAS, the Redeveloper has presented to the Authority a proposal for the I development of a multi-phased office warehouse development within the Project; and WHEREAS, in order to assist the Redeveloper in its development the Authority is .. prepared to pay certain public costs related to the development of the real property on which the I _.