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.--~ CONTRACT FOR EXCLUSNE NEGOTIATIONS THIS AGREEMENT executed effective as of the day of , 2004, is between the City of Roseville (the "City"), having its offices at 2660 Civic Center Drive, Roseville, Minnesota 55113, and The Rottlund Company, Inc., a Minnesota corporation ("Redeveloper")with its primary office at 3065 Centre Pointe Drive, Roseville, Minnesota 55113. RECITALS WHEREAS, the City's Twin Lakes Business Park Master Plan (the "Master Plan"), adopted on June 26, 2001 as an amendment to the City's Comprehensive Plan, sets forth the City's plans to redevelop the Twin Lakes Redevelopment Area (the "Redevelopment Area") into a business park to include multi-story offices, one- to two-level high-tech flex space, service industries, service retail and multi-family housing. WHEREAS, in its preliminary proposal to the City dated November 14, 2003, Redeveloper proposed to work with the City to acquire, itself or through its affiliates or other specialized developers, all property in the Redevelopment Area, refine a plan (the "Implementation Plan") to implement the Master Plan, coordinate specialized development firms, coordinate transportation, storm water and other infrastructure improvements, provide accountability and responsibility for implementing the Master Plan and complete environmental remediation (generally referred to herein as the "Redevelopment" of the Redevelopment Area). WHEREAS, the City, by resolution dated December 8, 2003, designated Redeveloper as the Tentative Master Developer of the Redevelopment Area and agreed to negotiate exclusively through March 22, 2004 with Redeveloper for the redevelopment of the Redevelopment Area. WHEREAS, due to the complexity of determining the feasibility of the Redevelopment and acquiring site control, Redeveloper has requested, and the City has agreed, that the period of exclusive negotiations be extended until March 31, 2005 so that (i) the Redevelopment and site acquisition maybe adequately studied and designed, (ii) the Stakeholders Advisory Taskforce can provide its input, and (iii) Redeveloper may further refine its proposal and negotiate with the City concerning public participation in and approval of the proposed Redevelopment. WHEREAS, the parties acknowledge that Redeveloper will expend substantial time and effort, and incur substantial expense, in analyzing the feasibility of the Redevelopment, and the City wishes to cooperate with Redeveloper's initial efforts in analyzing the potential and feasibility of the Redevelopment and are willing to proceed as described in this Agreement. WHEREAS, the City is willing to negotiate exclusively with Redeveloper until March 31, 2005, provided certain deadlines and obligations described below are met.