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TIF DEVELOPMENT ASSISTANCE AGREEMENT <br />THIS AGREEMENT, made as of the _ day of 2018, by and between the <br />City of Elk River, Minnesota (the "City"), a municipal corporation under the Constitution and <br />laws of the State of Minnesota, and Jackson Hills Residential Suites, LLC, a Minnesota limited <br />liability company (the "Developer"), <br />WITNESSETH: <br />WHEREAS, the City has undertaken a program to promote economic development and <br />job opportunities and to promote the development of land which is underutilized within the City, <br />and in connection therewith created a development project known as Development District No. 1 <br />("Development District") and developed a Development Program (the "Development Program") <br />therefor pursuant to Minnesota Statutes, Sections 469.124 to 469.134, as amended (the <br />"Development District Act"); and <br />WHEREAS, pursuant to the provisions of Minnesota Statutes, Section 469.174 through <br />469.1794, as amended, (the "TIF Act"), the City has created, within the Development District, <br />the Tax Increment Financing District (Housing) No. 25 qualified as a housing tax increment <br />financing district (the "TIF District"), the legal description of which is attached hereto as <br />Exhibit A, and has adopted a tax increment financing plan therefor approved by the City Council <br />on April 16, 2018 (the "TIF Plan") which provides for the use of tax increment financing in <br />connection with certain development within the Development District and TIF District; and <br />WHEREAS, the Developer proposes to construct an approximately 40 -unit multifamily <br />affordable rental housing development and all related amenities and improvements, to be <br />completed, owned and operated by the Developer on property within the TIF District (the <br />"Project"); and <br />WHEREAS, the Developer has requested that the City use tax increment financing to <br />assist the Developer with certain costs thereof in order to fill the gap between the Total <br />Development Costs (as hereinafter defined) and the funds available to pay such costs; <br />NOW, THEREFORE, in consideration of the premises and the mutual obligations of the <br />parties hereto, each of them does hereby covenant and agree with the other as follows: <br />1 <br />519394v8 JSB EL185-49 <br />