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Attachment B <br />�: u ►,_: � � �u _►. : : _._u _► <br />(Dale Street Redevelopment) <br />THIS AGREEMENT is dated May 11, 2015, by and between the City of Roseville, a <br />Minnesota municipal corporation (the "City"), and Greater Metropolitan Housing Corporation, a <br />Minnesota nonprofit corporation (the "Developer"). <br />RECITALS <br />WHEREAS, the City, together with the Roseville Housing and Redevelopment Authority <br />("Authority"), owns a portion of certain property within the City, which property is legally <br />described in Exhibit A attached hereto ("Property"); and <br />WHEREAS, the City has executed a purchase agreement with the Authority to acquire the <br />property which the Authority owns; and <br />WHEREAS, the Developer has submitted a preliminary proposal ("Proposal") for the <br />acquisition and redevelopment of the Properiy (the "Development"), which is attached hereto as <br />Exhibit B; and <br />WHEREAS, the Developer requests that the City explore the use of certain public assistance <br />to assist with the Development; and <br />WHEREAS, the City has determined that it is in the City's best interest that the Developer <br />be designated sole developer of the Property during the term of this Agreement and that a <br />Preliminary Development Agreement be negotiated between the City and the Developer (the <br />"Agreement"); and <br />WHEREAS, the parties mutually wish this Agreement to replace and supersede entirely any <br />prior agreements, proposals, and understandings concerning the Properiy and development thereon; <br />and <br />WHEREAS, the City and the Developer are willing and desirous to undertake the <br />Development if (i) a satisfactory agreement can be reached regarding the commitment for public <br />costs necessary for the Development; (ii) satisfactory mortgage and equity financing, or adequate <br />cash resources for the Development can be secured by the Developer; and (iii) the economic <br />feasibility and soundness of the Development and other necessary preconditions have been <br />determined to the satisfaction of the parties; and <br />WHEREAS, the City is willing to evaluate the Development and work toward all necessary <br />agreements with the Developer if the Developer agrees to make the nonrefundable deposit and <br />1 <br />