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CONTRACT FOR PRNATE DEVELOPMENT <br />THIS AGREEMENT, made as of the day of , 2010, by and between t1�e CITY OF <br />ARDEN HILLS, MTNNESOTA, a Minnesota municipal corporation (the "City"), and PRESBYTERIAN <br />HOMES OF ARDEN HILLS, INC., a Minnesata nonprofit corporation (the "Developer"}. <br />WITNESSETH: <br />WHEREAS, the City has undertakert a program ta prornote economic development and job <br />opportunities and to promote ihe development of land which is underutilized within the City, and in this <br />connec�ian craated Development District No. 1(hereinaitee referred to as the "Project") in an area <br />{�ereinafter referred to as the "Project Area") located in. �he City and a T� Increment Finas�cing Dish'ict <br />No. 4(the "TIF District") within the Project Area, all pursuant to Minnesota Stat�tes, Sections 4fi9.124 to <br />469. � 34 {the "Act") Minnesota Statutes, Sections 469.174 to 4591799; and <br />WHEREAS, pursuant to the Act, the City is authorized to undertake certain activities to prepare <br />suc� real properly for development by private en.tezprise; and <br />WIIEREAS, in order to achieve the objectives of the Development Plan %r the Project the City is <br />prepared to pay certain public improvement costs of the Project, in order to bring about development in <br />accordance with the Develapment Plan and this Agreezzaent; and <br />WHEREAS, the City believes that the devetopment of the Project Area pursuar�t to ihis <br />Agreement, and fulfillment generally of this Agreement, are in the vital and best interests of the City and <br />the health, safety, morals, and weifare af its residents, and in accord with the public purposes and <br />provisions of the appiicable State and local Iaws and requirements under which the Project has been <br />und�rtaken and is being assisted. <br />NOW, THEREFORE, in consideration of the premises and the muti�al obligations of the par-ties <br />hereta, each of the�aa does hereby covenant and agree with the other as follows: <br />(The remainder of this page is intentionally left blank.) <br />378990v5 SJB AR200-10 <br />