11.01 - TIF 1-9 Reassignment - Laserfiche WebLink

Home Browse Search

� DEVELOPMENT AGREEMENT THIS AGREEMENT, made as of the 1�` day of October, 1999, by and between the City ofPequot Lakes, Minnesota (the "City"), a municipal corporation organized and existing under the laws of the State of Minnesota and Brett and Sazah Dale, LLC (the "Developer"), a Minnesota corporation. WITNESSETH: WHEREAS, pursuant to Minnesota Statutes, Section 469.124 through 469.134, the City has formed Development Disirict No. 1(the "Development District") and has adopted a development program therefor (the "Development Program"); and WHEREAS, pursuant to the provisions of Minnesota Statutes, Section 469.174 through 469.179, as amended, (hereinafter the "Tax Increment Act"), the City has created, within the Development District, Tax Increment Financing District No. 1-9 (the "T� Increment District"), the legal description of which is attached hereto as Exhibit A, and has adopted a tax increment financing plan, dated September 21, 1999, therefor (the "T� Increment Plan") which provides for the use of tax increment financing in connection with `.- certain development within the Development District; and � WI�REAS, in order to achieve the objectives of the Development Program and particularly to make the land in the Development Disirict available for development by private enterprise in conformance with the Development Program, the City has determined to assist the Developer with the financing of certain costs of a Proj ect (as hereinafter defined) to be consfxucted within the T� Increment District as more particularly set forth in this Agreement; and VVF�REAS, the City believes that the development and construction of the Project, and fulfillment of this Agreement are vital and are in the best interests of the City, the health, safety, morals and welfare of residents of the City, and in accordance with the public purpose and provisions of the applicable sta.te and local laws and requirements under which the Project has been undertaken and is being assisted. NOW, T'HEREFORE, in consideration of the premises and the mutual obligations of the parties hereto, each of them does hereby covenant and agree with the other as follows: 1087040.3