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TIF DEVELOPMENT ASSISTANCE AGREEMENT <br />THIS AGREEMENT, made as of the day of , 2022, by and between the <br />City of Elk River, Minnesota (the "City"), a municipal corporation under the Constitution and laws <br />of the State of Minnesota, and Jackson Street Apartments, LLC, a Minnesota limited liability <br />company (the "Developer"), <br />WITNESSETH: <br />WHEREAS, the City has undertaken a program to promote economic development and job <br />opportunities and to promote the development of land, which is underutilized within the City, and <br />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 469.133, 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, the <br />Tax Increment Financing District (Housing) No. 28 (Jackson Hills Apartments Phase II Housing <br />Project) qualified as a housing tax increment financing district (the "TIF District"), the legal <br />description of which is attached hereto as Exhibit A, and has adopted a tax increment financing <br />plan therefor approved by the City Council on January 3, 2022 (the "TIF Plan") which provides <br />for the use of tax increment financing in connection with certain development within the <br />Development District and TIF District; and <br />WHEREAS, the Developer proposes to construct an approximately 44-unit multifamily <br />affordable rental housing development with a mix of studio, 1, 2 and 3-bedroom units, and all <br />related amenities and improvements, to be completed, owned and operated by the Developer on <br />property within the TIF District (the "Project"); and <br />WHEREAS, the Developer has requested that the City use tax increment financing to assist <br />the Developer with certain costs thereof in order to fill the gap between the Total Development <br />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 />EL185-70-769416.d7 <br />