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3 <br />CONTRACT FOR PRIVATE REDEVELOPMENT <br /> <br /> <br /> THIS CONTRACT FOR PRIVATE REDEVELOPMENT (“Agreement”) is made on <br />this ____ day of ________, 2019, by and between the City of New Brighton, a Minnesota <br />municipal corporation (the “City”) and Pulte Homes of Minnesota LLC, a Minnesota limited <br />liability company (the “Redeveloper”). <br /> <br /> WITNESSETH: <br /> <br /> WHEREAS, the City is a municipal corporation organized and existing pursuant to the <br />Constitution and laws of the State of Minnesota and its charter and is governed by the Council of <br />the City (the “Council”); and <br /> <br /> WHEREAS, pursuant to the Municipal Development Districts Act, Minnesota Statutes <br />Section 469.124 et seq., as amended (the “Municipal Development Districts Act”), the Council is <br />authorized to establish development districts in order to provide for the development and <br />redevelopment of the City; and <br /> <br /> WHEREAS, pursuant to the Minnesota Tax Increment Financing Act, Minnesota <br />Statutes Section 469.174 et seq., as amended (the “Tax Increment Act”), the Council is <br />authorized to finance the capital and administration costs of a development district with tax <br />increment revenues derived from a tax increment financing district established within such <br />development district; and <br /> <br /> WHEREAS, the City Council has established Development District No. 1 (the <br />“Development District”) pursuant to the Act, and adopted the Restated Development Program <br />(the “Program”) in connection with the creation of the Development District; and <br /> <br /> WHEREAS, the City Council created redevelopment Tax Increment Financing District <br />No. 34 within the Development District (the “Tax Increment District”), which Tax Increment <br />District includes the Redevelopment Property, and adopted a Tax Increment Financing Plan for <br />the Tax Increment District pursuant to the Tax Increment Act to assist with the financing of <br />redevelopment with Development District; and <br /> <br />WHEREAS, the major objectives of the Council in establishing the Development <br />District and adopting the Program are to: <br /> <br />1. Promote and secure the prompt development or redevelopment of certain property <br />in the Development District, which property is not now in productive use or in its <br />highest and best use, in a manner consistent with the City's Comprehensive Plan, <br />which will, where practicable and will cause a minimum adverse impact on the <br />environment, and thereby promote and secure the development or redevelopment <br />of other land in the City. <br />