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Attachment B DEVELOPMENT AGREEMENT THIS AGREEMENT, made on or as of the day of , 2009, by and between the CITY OF ROSEVILLE, a Minnesota municipal corporation (the "City") and WESTWOOD VILLAGE ASSOCIATION, a Minnesota nonprofit corporation (the "Association"). WITNES SETH: WHEREAS, the City is authorized under Minnesota Statutes, Sections 428A.11 through 428A.21 (the "Act") to establish by ordinance a housing improvement area within which housing improvements are made or constructed and the costs of the improvements are paid in whole or in part from fees imposed within the area; and WHEREAS, by Ordinance No. 1377 adopted September 22, 2008 (the "Enabling Ordinance"), the Council established the Westwood Village I Housing Improvement Area (the "Housing Improvement Area") in order to facilitate certain improvements to property known as the Westwood Village I Townhouses, which properry is legally described in Schedule A hereto and is hereafter referred to as the "Properry;" and WHEREAS, by Resolution No. adopted June 8, 2009 (the "Fee Resolution"), the City Council imposed a housing improvement fee on Housing Units (as hereinafter defined) in the Housing Improvement Area in order to finance the Housing Improvements (as hereinafter defined) on the Properry; and WHEREAS, the Act authorizes the City to issue bonds in the amount necessary to defray the expense to be incurred in making the Housing Improvements, which bonds are payable primarily from proceeds of the fee imposed under the Fee Resolution and may be further secured by the pledge of the City's full faith, credit and ta�ng power; and WHEREAS, prior to adoption of the Fee Resolution by the City Council, the Association submitted to the City a financial plan in accordance with the Act that provides for the Association to finance maintenance and operation of the common elements in the Housing Improvement Area and a long-range plan to conduct and finance capital improvements therein; and WHEREAS, the City believes that development of the Housing Improvements to the Property pursuant to this Agreement, and fulfillment generally of this Agreement, are in the vital and best interests of the City and health, safety, morals and welfare of its residents, and in accord with the public purposes and provisions of the applicable State and local laws and requirements under which the Housing Improvement Area has been undertaken. NOW, THEREFORE, in consideration of the mutual obligations of the parties hereto, each of them does hereby covenant and agree with the other as follows: 1