CCP 06-02-2014 - Laserfiche WebLink

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CONTRACT FOR PRIVATE REDEVELOPMENT THIS AGREEMENT, made on or as of une , 2014 by and among the City of New Deleted: May - - - - -- --- - - - - -- Brighton, a municipal corporation organized and existing under the laws of the State of Minnesota, (the "City "), Ryan Companies US, Inc., a Minnesota corporation (the "Redeveloper "), and Cardiovascular Systems, Inc., a Delaware corporation (the "Owner "). WITNESSETH: WHEREAS, the City is a municipal corporation organized and existing pursuant to the Constitution and laws of the State of Minnesota and its charter and is governed by the Council of the City (the "Council "); WHEREAS, pursuant to the Municipal Development Districts Act, Minnesota Statutes Section 469.124 et seq., as amended (the "Municipal Development Districts Act "), the Council is authorized to establish development districts in order to provide for the development and redevelopment of the City; WHEREAS, pursuant to the Minnesota Tax Increment Financing Act, Minnesota Statutes Section 469.174 et seq., as amended (the "Tax Increment Act"), the Council is authorized to finance the capital and administration costs of a development district with tax increment revenues derived from a tax increment financing district established within such development district; WHEREAS, the City Council has established Development District No. 1 (the "Development District") pursuant to the Act, and adopted the Restated Development Program (the "Program ") in connection with the creation of the Development District; WHEREAS, the City Council created redevelopment Tax Increment Financing District No. 32 (NWQ Special Law) within the Development District (the "Tax Increment District "), which Tax Increment District includes the Redevelopment Property, and adopted a Tax Increment Financing Plan for the Tax Increment District pursuant to the Tax Increment Act to assist with the financing of the redevelopment contemplated by this Agreement; WHEREAS, the major objectives of the Council in establishing the Development District and adopting the Program are to: 1. Promote and secure the prompt development or redevelopment of certain property in the Development District, 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, which will, where practicable, mitigate existing adverse environmental conditions, and will cause a minimum adverse impact on the environment, and thereby promote and secure the development or redevelopment of other land in the City.