1999-07-02 TIF Development Agreement Needed
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.Also licensed in nlinois
COURI& MACARmUR
Attorneys at Law
705 Central A venue East
PO Box 369
St. Michael, MN 55376-0369
(612) 497-1930
(612) 497-2599 (FAX)
couriandmacarthur@pobox.com
Michael C. COUli.
Andrew}. MacAnhur
Marcus W. MiUer
July 2, 1999
Mr. Dan Greensweig
Kennedy & Graven
470 Pillsbury Center
200 South Sixth Street
Minneapolis, MN 55402
Re: City of Albertville; Land of Lakes Stone Company TIF.
Dear Dan:
The City of Albertville has approved the economic development TIF for the Land
of Lakes Stone Company (TIF #11). I believe that Steve Bubel has sent the TIFplan and
adopting resolution to the Wright County Auditor. At this point we will need a TIF
development agreement prepared. The relevant facts are as follows:
1. The owner of the land is GEM Development Company, LLC, a company whose main
function is to hold the real estate which has been TIF ed. GEM is a related company
to the company which will be creating the jobs and will actually be the manufacturing
company which will occupy the building on a lease basis, Land of Lakes Stone, LLC.
As we discussed earlier, both of these companies should be required to sign the TIF
agreement.
2. Land of Lakes will be creating 6 jobs at a wage of at least $13.00 per hour within the
next two years.
3. The City Council will take only as much in administrative expenses from the TIF as it
incurs, and will return all remaining increment and local contribution to the Developer
(no funds will be spent on off-site public improvements).
4. The Developer's Agreement for the platting of this property uses the TIF funds as
security in case there is a default in that Developer's Agreement (i.e. we will not
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Mr. Dan Greensweig
July 2, 1999
Page 2 of2
forward any increment on to the Developer if there is a default in the Developer's
Agreement). This fact may need to be referenced in this agreement.
Please let me know if you need any additional information. Thank you.
Cc:
~ Linda Goeb
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Michael C. Couri
Couri & MacArthur