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CITY OF CENTERVILLE <br />ESCROW AGREEMENT FOR DEVELOPMENT <br />This Escrow Agreement is entered into effective this ____ day of February 2026 by and <br />between the CITY OF CENTERVILLE (the ÐCityÑ), and Equinox Development Partners LLC, <br />a limited liability company licensed to conduct business in the State of Minnesota, (the <br />ÐDeveloperÑ), its successors and assigns, and provides for the following: <br />WHEREFORE: <br />Developer now requests to proceed with the development and financing of the Real <br />Property, identified below, for housing and related purposes. <br />RECITALS: <br />1. Developer desires to purchase and develop the lands (the ÐReal PropertyÑ), respectively, <br />described by Anoka County Property Identification Number as 24-31-22-22-0223, legally <br />described as part of Outlot D, Rehbein Commercial. <br />2. The City will expend resources for the review and processing of the DeveloperÓs <br />application for tax abatement in conjunction with its proposed development of the Real Property. <br />These costs include but are not limited to work performed by Northland Securities and other <br />contractors or staff which support the review and processing of the DeveloperÓs application for tax <br />abatement. <br />3. The City must collect a cost escrow for the costs associated with review and processing of <br />the DeveloperÓs tax abatement application. <br />NOW THEREFORE, in consideration of the foregoing and the mutual covenants <br />hereinafter set forth, the parties hereto agree as follows: <br />4. Creation of Account. There is hereby created and established with the City the following <br />special and separate account to be held by the City and designated in the name of the Developer <br />on the tax abatement application tendered by the Developer (the ÐDeveloper Tax Abatement <br />AccountÑ). <br />5. Deposit to Account. Upon execution of this Agreement by the City and the Developer, <br />Developer will deposit with the City, and the City will acknowledge receipt and deposit into the <br />Developer Tax Abatement Account, an interest-bearing account, the sum of Ten Thousand and <br />No/100 Dollars ($10,000.00), and thereafter additional funds as may be added (the "Tax Abatement <br />Escrow Funds). In any event, no proposal for tax abatement will be reviewed and no permit issued <br />by the City is valid unless the full amount of Escrow Funds has been deposited with the City. <br />Page 1 of 4 <br /> <br />32 <br /> <br />