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CONTRACT FOR PItIVATE DEVELOPMENT THIS AGREEMENT, made as of the day of , 2010, by and between Ehe CITY OF ARDEN HILLS, M3NNESQTA, a Minnesota municipal corporation (the "City"), a�d PRESBYTERIAN HOMES OF ARDEN NiLLS, INC., a Minnesota nonprofit corporatio�� (the "Developer"). W�TNESSETN: WHEREAS, the City has undertaken a program to prorrtote economic developrnent and job opportunities and to pro�tote the development of land which is underutitized within the City, and in this connection created Development Disirict No. 1(hereinafter referred to as the "Project") in an area (hereirtafter referred #o as the "Project Area"} located in the City and a Tax Increment Finaneing District No. 4(the "T�F Distri�t") within the Project Area, a]l pursuant to Minr�esota Statutes, Sections 469.124 ta 469. ] 34 (tlze "Act") Minnesota Stat�tes, Sections 469.i 74 to 464.1799; and W HEREAS, pursuant to the Act, the City is authorized ta undertake certain activities to prepare sucl� real �roperty %r developr�ent by private enterprise; and WHEREAS, ir� arder to achieve the objectives of the Development Plat� for the project the City is prepared to pay certain public improvement costs of the Project, in order to bring about deve�opment in accordance with the Development Plan and this Agreement; and WHEREAS, the City believes that the development of the 1'roject Area p�rsuant to this A�reeme�t, and fulfillment generaliy of this Agreement, are in the vital and best interests ofthe City and tl�e health_ sa�ety; morals, and wetfare of its residents, and in accord with the pubIic purposes and provisio�zs of the applicable State and loca3 laws and requirements under whieh ihe Pro}ect has been undertaken and is being assisted_ NOW, THEREFORE, in eonsideration of the pre�ises and ti�e mutual obligations of the parties hereto, each of them does hereby co�enant and agree with the otl�er as fallows: (The remainder ofthis page is intea�tionally left blank.) 37S490v10 S.fB AA200-10