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• A i 1■ p,..artles. The pax:ies to thin Agreement are the City of Roseville,, a Minnesc to mu d cipal corporation (the "City") amd College Properties,, Inc,. ,, a Kinneeota non-prof it oorpox-ation ("Collage operties n) ., T.-Us Agreement sometimes fifers to the City and College pr opert::.ee, iudividually, as a ■Farty" and $ornet inns ref eke to tile CiVr' and College Properties, collectively, as the N Partin� 20 i - "hi a Agreement is dated and of f ect ive as of the � dair of �, 1998 (the REff active pate") . r 3 ee 1 3.1 e : The Parties have previ.oualy entered into a D elopme at Agisenent dated O takher 1, 1993 in which the bevel er ha,s agree i to ctruct other f ao it i t i ea a 36 it 1�lzhei wr l e *aai.lit on the land legally deaoribed on h�.hi A attached hereto (the "Land") and to pay real estate t es on ;;he Al•.heimer's facility,, 3. =. : The Alzheimer's facility as of this date has not heun a ;trusted. College properties is the owner of the Lend an.1 now College Properties intends to develop the Land as a unit housing facility for perms withh imer &-sease e "Prof ect m) i i . 0 college Properties believes the Project will be eremp- from real estate taxes pursuant to Minn. Stat, 9272 0 • i ed. on College Properties' use of the Property. I 6 3 v 4 r r Although the Project will provide a benefit t i Ci t providing housing for the persons with A,1 _.mer ,s disease., tl t Project will place r1amancle upm City services tl st prow ing real estate tax revenue to of feet the casts of tho&a sar".ice s w .3 @ 5 � : College Fropert iee has of fared to vake an ual l pa u� to :he City in cons iderat ion of Co 1 l ege P ie heinci relct ssed from ihs obligaticas under the bevel t Agree t % Lth respect to the 36 unit Alzheimer Is facility in c onsidk ration of the burden the l act will place on t City s sere ices without providing offsetting real estate t reveuLes. 41 i ?or th ) consideration recited in gaetion 3.5 above, College Properties igrees to pair the City the sum of on May 15.t 1999 and October 15, 1999 and each Kay 15 d 0cto er 15 �hereaf:er so long as the Project or any portion of the Project ie�exempt f roar id valorem real estate taxes+ or before of each year the City sl l . notify College 933235A