2007-01-11 CC WS - Laserfiche WebLink

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DEVELOPMENT AGREEMENT TInS AGREEMENT, made as of the _ day of December, 2006, by and among the City of Centerville, Minnesota, a municipal corpotation and political subdivision organized and existing under the Constitution and the laws of the State of Minnesota (the "City") and CentervilIe Mainstreet, LLC, a Minnesota limited liability company (the "Developer"). WITNESSETH: WHEREAS, in the summer of 2005, the City commissioned Damon Farber Associates to lead a community task force to prepare a master plan, a set of design guidelines and zoning amendments for the redevelopment of Downtown Centerville; WHEREAS, on January II, 2006, The Master Plan and Development Guidelines were adopted by the City (the "Development Projectj. The Master Plan was established to provide a suggested framework for the commencement of the redevelopment of Centerville's downtown as a vibrant mixed-use destination; WHEREAS, pursuant to Minnesota Statues, Section 469.028 the City is authorized to establish Development Projects in order to provide for the redevelopment of the City; WHERAS, pursuant to Minnesota Statues, Section 469.176, the City is authorized to finance the capital and administration costs of a Development Project with tax increment revenues derived from a tax increment financing district established within such redevelopment project(s); WHEREAS, among the major objectives of the City in establishing the Development Project and the Tax Increment District are to: eradicate blight and blighting conditions within the City, enhance the tax base of the City, provide decent, safe, and sanitary housing opportunities for the residents of the City, promote and secure the prompt coDllIiercial development of certain real property located in the "Development Project," which property is not now in productive use or in its highest and best use, in a manner consistent with the City's Comprehensive Plan and with a minimum adverse impact on the environment, and promote and create additional employment opportunities within the City for residents of the City and the surrounding area, thereby improving living standards and reducing unemployment; WHEREAS, as a part of the implementing the Master Plan, within the Development Project the City has acquired one property, which is owned by the City, and has the right to acquire and assemble other properties within the Development Project area; WHEREAS, at the August 9, 2006, joint Centerville City Council and Planning Commission work session, Developer presented its qualifications as developer for the Downtown Centerville Development Project After demonst:r8ting the ability to develop commercial, retail, multifamily housing along with for-sale townhomes, Developer was instructed to start working on a Development Agreement with the City Attorney and the City Administrator; 1309762vRED V3 to V2; 1212.2J06 ~2