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CONTRACT FOR PRIVATE REDEVELOPMENT THIS AGREEMENT, made as of the 9th day of September, 2005, by and between the CITY OF ROSEVILLE, MINNESOTA, a municipal corporation (the "City") having its principal offices at 2660 Civic Center Drive, Roseville, Minnesota 55113, and ROSEVILLE TWIN LAKES, LLC, a Minnesota limited liability company (the "Redeveloper"), having offices at 3065 Centre Pointe Drive, Roseville, Minnesota 55113. WHEREAS, the City is a municipal corporation organized and existing pursuant to the Constitution and laws of the State of Minnesota and its charter and is governed by the City Council (the "Council"); WHEREAS, the City has established Development District No.1 (the "Project Area") under the authority of Minnesota Statutes, Chapter 469 (the "Act") and in particular Sections 469.058,469.082 and 469.124 through 469.134 thereof, and in accordance with the provisions of this Agreement, and subject to all applicable requirements of the Act, has established a Tax Increment Financing District (the "Tax Increment District") within the Project Area and adopted a Tax Increment Financing Plan (the "Tax Increment Plan") for the Tax Increment District to facilitate the financing of public development and redevelopment costs in the Project Area; and WHEREAS, the City deems it to be in the public interest to facilitate and encourage redevelopment of the Project Area by a combination of public and private activity within the Project Area and in accordance with the Tax Increment Plan to be adopted; and WHEREAS, the Redeveloper has proposed a development (hereinafter defined as the "Project") within such Project Area which the City believes will promote and carry out the objectives for which redevelopment is undertaken, will be in the vital best iilterests of the City, will promote the health, safety, morals, and welfare of its residents and will be in accordance with the public purposes and provisions of the applicable state and local laws and requirements under which activities within the Project Area have been undertaken and are being assisted; and WHEREAS, the Redeveloper has purchased property, and is willing to purchase additional property, within the Project Area, such property being legally described in the attached Exhibit A (the "Redevelopment Property") and to develop the Redevelopment Property in accordance with this Agreement; and WHEREAS, consistent with the Tax Increment Plan, the City is willing to provide financial and other assistance in accordance with the provisions of this Agreement; NOW, THEREFORE, in consideration of the premises and the mutual obligations of the parties hereto, each of them does hereby covenant and agree with the other as follows':