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<br />DEVELOP~ffiNTAGREEMENT <br /> <br />THIS DEVELOPMENT AGREE~ffiNT is made and entered into tIus 6th day of <br />December, 2004, by and between the CITY OF ELK RIVER, MINNESOTA, a municipal <br />corporation and political subdivision organized and existing under the laws of the State of <br />Minnesota (the "City"), and METROPLAINS DEVELOPlVIENT, LLC, a Minnesota limited <br />liability company (the "Developer"). <br /> <br />RECITALS <br /> <br />'WHEREAS, pursuant to Minnesota Statutes, Section 469.124 through 469.134, the City <br />has formed Municipal Development District No.1 (the "Development District") and has adopted <br />a development program therefor (the "Development Program") for the Development District <br />which sets forth development objectives for the Development District. A major objective of the <br />Development Program is to foster the development of owner occupied and rental housing <br />facilities in the Development District; <br /> <br />WHEREAS, the Developer has submitted a proposal to the City in connection with the <br />construction in the Development District of a rental housing and owner occupied housing <br />development and commercial redevelopment; <br /> <br />WHEREAS, the Developer intends to acquire approximately one acre of real property <br />located in the Development District (the "Development Property"), demolish and clear the <br />existing structures and construct approximately 68 units of owner..;occupied housing and <br />approximately 10,820 square feet of retail space, together with related parking facilities (the <br />"Bluff Block Development") on the portion of the Development Property legally described in <br />Exhibit A hereto (the "Bluff Block Property") and construct approximately 32 tmits of rental <br />housing and approximately 13,000 square feet of retail space, together with related parking <br />facilities, (the "Jackson . Block Development") on tile portion of the Development Property <br />legally described in Exhibit B hereto (the "Jackson~Block Property") (the "Bluff Block <br />Development" and the "Jackson Block Development" being collectively referred to herein as the <br />''Minimum Improvements"); <br /> <br />WHEREAS, under Minnesota Statutes, Sections 469.174 through 469.1799, as amended <br />(the "TIF Act"), the City is authorized to fmance certain public redevelopment costs of a' <br />municipal development district with ta.."'{ increment revenues derived from a ta.."'{ increment <br />financing district established within such redevelopment project; <br /> <br />WlIEREAS, tile City has heretofore adopted a ta.."'{ increment fmancing plan and created <br />and established the Downtown Phase' I Tax Increment Financing District No. 22 as a <br />redevelopment ta"'{ increment district pursuant to the TIF Act (tile "Ta"'{ Increment District"); <br /> <br />\VHEREAS, the City has agreed, on tile terms and conditions set forth in this Agreement <br />to issue its Ta.."'{ Increment Revenue Note (as hereinafterdefmed) to reimburse tile Developer for <br />certain Eligible Costs (as herein defined) of the Minimum Improvements and to issue its Parking <br />Lot Note (as herein defined) to reimburse the Developer for the cost of constructing tile Parking <br />Lot (as herein defin'ed); <br /> <br />1674205v9 <br />