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--------- -------~- DEVELOPMENT AGREEMENT THIS AGREEMENT, made as of the _ day of , 2007, by and between the City ofCenterville, Minnesota, a statutory city under the laws of the State of Minnesota (the "City") and Centervi11e Mainstreet, tLC, a Minnesota limited liability company (the "Developer"). WITNESSETH: WHEREAS, in the summer of2005, the City commissioned Damon Farber Associates to lead a community task force to prepare a master plan, a set of design guidelines and zoning , amendments for the redevelopment of the City's downtown area; and WHEREAS, on January 11, 2006, the City adopted a master plan and development guidelines (collectively, the "Master Plan") to provide a suggested framework for the redevelopment of the City's doWntown as a vibrant mixed-use destination; and WHEREAS, subsequent to the adoption of the Master Plan the City discussed the Master Plan and the redevelopment contemplated in the Master Plan with interested real estate developers; and WHEREAS, at a joint City Council and City Planning Commission work session held on August 9, 2006, the Developer presented its qualifications to act as developer of the redevelopment projects contemplated in the Master Plan; and WHEREAS, the City and the Developer entered into a Preliminary Development Agreement dated as of September 13, 2006 (the "Preliminary Development Agreement"), which designated the Developer as the exclusive developer of the property encompassed by the Master Plan and pursuant to which the City and Developer agreed to attempt to negotiate a definitive development agreement that would set forth their respective rights and responsibilities with regard to the implementation of the Master Plan; and WHEREAS, pursuant to Minnesota Statutes, Sections 469.124 to 469.134, the City is authorized to establish municipal development districts to facilitate the development and redevelopment of areas of the City; and WHEREAS, the City has created its Municipal Development District No. 1 (the "Project") by adopting a development program (the "Development Program") which Project encompasses the area covered by the Master Plan (which area is referred to herein as the "Project Area"); and WHEREAS, pursuant to the Minnesota Tax Increment Financing Act, Minnesota Statutes, Sections 469.174 to 469.1799, the City is authorized to finance the capital and administrative costs of a municipal development district with tax increment revenues derived ---- --- ----~-------~----- ---------------- - ----