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<br />DEVELOPMENT AGREEMENT
<br />64 THIS AGREEMENT,, made as of the I't day of June, 2011, by and between the City of
<br />65 Roseville,, Minnesota the "City"),, a municipal corporation organized and existing under the laws
<br />66 of the State of Minnesota and Aeon,, a Minnesota non-profit corporation the "Developer")�,
<br />67 WITNESSETH.-
<br />68 WHEREAS,, pursuant to Minnesota Statutes,, Section 469.124 through 469.134, the City
<br />69 has formed Development District No. I the "Development District") and has adopted a
<br />70 development program therefor the "Development Program"),* and
<br />71 WHEREAS,, pursuant to the provisions of Minnesota Statutes,, Section 469.174 through
<br />72 469.17 99,, as amended, (hereinafter the "Tax Increment Act"),, the City has created, within the
<br />73 Development District, Tax Increment Financing District No. 18 the "Tax Increment District"),
<br />74 and adopted a tax increment financing plan therefor, dated July 13, 2009, and amended on June
<br />75 13, 2011 the "Tax Increment Plan") which provides for the use of tax increment financing in
<br />76 connection with certain development within the Development District; and
<br />77 WHEREAS,, in order to achieve the objectives of the Development Program and
<br />78 particularly to make the land in the Development District available for development by private
<br />79 enterprise in conformance with the Development Program, the City has determined to assist the
<br />80 Developer with the financing of certain costs of a Project as hereinafter defined), to be
<br />81 constructed within the Tax Increment District as more particularly set forth in this Agreement;
<br />82 and
<br />83 WHEREAS,, the City believes that the development and construction of the Project, and
<br />84 fulfillment of this Agreement are vital and are in the best interests of the City, the health, safety,
<br />85 morals and welfare of residents of the City, and in accordance with the public purpose and
<br />86 provisions of the applicable state and local laws and requirements under which the Project has
<br />87 been undertaken and is being assisted.
<br />88 NOW,, THEREFORE,, in consideration of the premises and the mutual obligations of the
<br />89 parties hereto, each of them does hereby covenant and agree with the other as follows.-
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