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CUNTRACT FOR PRIVATE DEVELOPMENT THIS AGKEEMENT, made as of the day of , 20i0, by and between the CiTY OF ARDEN H1LLS, MINNESOTA, a Minneso#a municipal corporation (the "City"), and PRESBYTERTAN HOMES OF ARDEN HILLS, INC., a Minnesota nonproft corporation (tY�e "Developer"). WITNESSETH: WHEREAS, the City has undertaken a prograFn to promote economic deve�qprrrent and job opportunities and to promote the development of land which is unc�erutilized within the City, and in this connection created Development District No. 1{hereinafter refen-ed to as the "Project") in an area (hereinafter referred to as the "Project Area"} located in the City and a Tax Increment Financing Distriet No. 4{the "T1F District") within the Project Area, al( pursuant to Minnesota Siatutes, Sections 469.124 to 469.134 (the "Act") Minr�esota Statutes, Sections 469. � 74 ta 469.1799; and WHEREAS, pursuant to the Act, the Ci#y is autt�orized to undertake cer�ain activities to prepare suc� real pz'operty �or developrnent by private enterprise; and WHEREAS, ir� order ta achieve the objectives af the De�elopment Plan far the Proj�ct the City is prepared to pay certain puhlac ir►-�provement costs of the Project, in order to bring about development in accordance with the Development Plan and this Agreement; and WHEREAS, the City beiieves �hat the development of the Project Area pursuant to this Agreemer�t, ar�d iulfllrnent generally af this Agreement, are in the vital and best interests of the City and tl�e health, safety, moraIs, and welfare of its residents, and in accord with the public p�zrposes and provisions of the applicable State and loca] laws and requirements under which the Project has been undertaken an� is being assisted. NOW, THEREFORE, in consideration of the premises and the m�t�a1 obligatia��s of the parties hereto, each of them does hereby eovenant and agree with the other as follows: (The remainder of tl�is page is intentiona]Iy left blank.)