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Memorandum Of Understanding <br />The following is a Memorandum of Understanding between the parties,Ten Nineteen <br />Development LLC,a Minnesota limited liability companyDeveloperthe City of <br />Centerville, theGovernmental Authority for land use,economic development,and other <br />responsibilities defined by law,Authority. <br />WHEREAS, theDeveloper entered into apurchase agreementwith a private party, dated <br />October9,2023,for the located within the City <br />of Centerville with an address of 1687 Westview Street, Centerville, MN, Anoka County <br />and Property Parcel ID:23-31-22-22-0003, which is legally described in Exhibit A, withthe <br />intent to purchase and redevelop the Property; and <br />WHEREAS, the Authority intends to explore the establishment of a Tax Increment <br />within the City of Centerville, Minnesota, pursuant to Minnesota Statutes, Sections <br />469.174 to 469.1794, in order to facilitate redevelopment of the Property and promote the <br />development ofmarket-rate housing within the City; and <br />WHEREAS, in order to achieve the objectives of the Downtown Master Plan and make <br />the Minimum Improvements economically feasible for the Developer to construct, the <br />Authority intendsto explorethe establishment of a TIF District,reimbursing the Developer <br />for a portion of TIF eligible costsrelated to the Minimum Improvementson the Property; <br />and <br />WHEREAS, the Authority and the Developer intend to use this Memorandumof <br />Understanding to plan for the Minimum Improvements and negotiatethe terms ofa <br />Development Agreement and a TIF Agreement. <br />NOW, THEREFORE, in consideration of the mutual obligations hereunder, the parties <br />agree asfollows: <br />tğŭĻ ΋ Њ <br /> <br />ĻƩƭźƚƓ ЊЋΉЉБΉЋЉЋЌΏЋ <br /> <br />