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CONTRACT FOR PRIVATE DEVELOPMENT THIS AGREEMENT, effective thelQ....th day of Oc t , 2002 by and between the City of Roseville, a body corporate and politic under the laws of the State of Minnesota, having its principal office at 2660 Civic Center Drive, Roseville, Minnesota 55113 ("City"), and Greater Metropolitan Housing Corporation of the Twin Cities, a Minnesota Nonprofit Corporation ("GMHC"), having its principal office at 15 South Fifth Street, Suite 710 Minneapolis Minnesota 55402. WITNESSETH WHEREAS, the City of Roseville ("City") has adopted a Housing Replacement Program (the "Program") and contracted with the GMHC to assist in the administration of the Program; and WHEREAS, the City and the GMHC entered into a Contract for Private Development on August 21 '\ 2001 ("Original Contract") for property located at 2018 Hamline Avenue, Roseville, Minnesota and legally described as Lots 16, 17, and 18, Block 10 Midway Hills Rearrangement of Como Garden Lots; and WHEREAS, the Original Contract in Article II, Section 2.1 (d) provided that the profit from sale of home will be reimbursed to the City of Roseville by GMHC to cover land cost incurred in the purchase of the home as part of the Housing Replacement Program; and WHEREAS, the GMHC received a certificate of completion for the improvements required on the Original Contract dated October 28, 2002 and sold the property for the Minimum Value specified in the Original Contract. The sale was subject to a promissory note and second mortgage to secure GMHC's interest in the difference between the sale price (Minimum Value) and the agreed upon fair market value of the property and improvements; and WHEREAS, this note and mortgage comprises the profit due to the City of Roseville pursuant to Article II, Section 2 .1 (d) of the Original Contract, NOW, THEREFORE, in consideration of the mutual covenants and obligation of the City and the GMHC, each party does hereby represent, covenant and agree with the other as follows: That upon collection of any and all proceeds under the above-referenced note and mortgage, the GMHC will forward these proceeds to the City of Rose vi lie in fulfillment of the GMHC's contractual obligations. IN WITNESS WHEREOF, the CITY has caused this Agreement to be duly executed in its name and on its behalf and its seal to be hereunto duly affixed and the GMHC has caused this Agreement to be duly executed as of the day and year first above written. THECITYOF~ROSEVILLE MINNESOTA By ~_ t?'"'John Kys yczyn, Mayor By j)1IAtJ &l~ N~ty Manager ::~ ~~ta- , c~n, President - 1