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<br />DEVELOPMENT AGREEMENT <br /> <br />THIS AMENDED AND RESTATED DEVELOPMENT AGREEMENT is made and <br />entered into this 6th day of December, 2001, .2005. by and between the CITY <br />OF ELK RIVER, MINNESOTA, a municipal corporation and political subdivision organized <br />and existing under the laws of the State of Minnesota (the "City"), and METROPLAINS <br />DEVELOPMENT, LLC, a Minnesota limited 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 units of rental <br />housing and approximately 13,000 square feet of retail space, together with related parking <br />facilities, (the "Jackson Block Development") on the portion of the Development Property <br />legally described in Exhibit B hereto (the "Jackson Block Property") (the .::~Bluff Block <br />Development:Z~ and the .::~Jackson Block Development:Z~ being collectively referred to herein as <br />the .::~Minimum Improvements:Z~); <br /> <br />WHEREAS, under Minnesota Statutes, Sections 469.174 through 469.1799, as amended <br />(the "TIF Act"), the City is authorized to finance certain public redevelopment costs of a <br />municipal development district with tax increment revenues derived from a tax increment <br />financing district established within such redevelopment project; <br /> <br />WHEREAS, the City has heretofore adopted a tax increment financing plan and created <br />and established the Downtown Phase I Tax Increment Financing District No. 22 as a <br />redevelopment tax increment district pursuant to the TIF Act (the "Tax Increment District"); <br /> <br />WHEREAS, the City and the Develooer have heretofore entered into a Develooment <br />Af!reement dated December 6. 2004. as amended bv the First Amendment to Develooment <br />Af!reement. dated Mav . 2005 (the "Prior Af!reement"): <br /> <br />WHEREAS. in order to modify certain terms of the Prior Af!reement and to further <br />describe the manner in which the City's financial assistance will be made available to the <br /> <br />1824344vRED V2 to VI; 10/12/05 <br />