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COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY <br /> <br /> PRELIMINARY DEVELO PMENT AGREEMENT <br /> <br /> <br /> THIS AGREEMENT, dated this ___ day of _____________, 2003 _____ by and between <br />the Columbia Heights Economic Development Authority, a body politic and corporate under the <br />laws of Minnesota ("Authority") and ("Developer"): <br /> <br /> WITNESSETH: <br /> <br /> WHEREAS, the Authorit y desires to promote redevelopmen t of certain property within the <br />City of Columbia Heights, whic h property is legally described in Exhibit A a ttached hereto <br />("Property"); and <br /> <br /> WHEREAS, the Developer inte nds to submit a prel iminary proposal (t he "Proposal") for <br />redevelopment of the Property (t he "Redevelopment"), by , and <br /> <br /> WHEREAS, the Developer has re quested the Authority to explore the use of certain public <br />assistance, financial and otherwise, to assist with the Redevelopment; and <br /> <br /> WHEREAS, the Authority has determined that it is in the Authority's be st interest that the <br />Developer be designated sole developer of the Pr operty during the term of this Agreement; and <br /> <br /> WHEREAS, the Authority and the Developer are w illing and desirous to undertake the <br />Redevelopment if (i) a satisfactor y agreement can be re ached regarding the Au thority's commitment <br />for public assistance necessary for the Redevelo pment; (ii) satisfactory mortgage and equity <br />financing, or adequate cash resources for the Rede velopment can be secured by the Developer; and <br />(iii) the economic feasibility an d soundness of the Redevelopment; and (iv) satisfactory resolution <br />of zoning, land use, site desi gn, and engineering issues, and ot her necessary preconditions have <br />been determined to the satisf action of the parties; and <br /> <br /> WHEREAS, the Authority is willing to evalua te the Redevelopment and work toward all <br />necessary agreements with the Deve loper if the Developer agrees to reimburse the Authority for its <br />costs relating to the Redevel opment even if the Re development is abandoned or necessary <br />agreements are not reached under the terms of this Agreement. <br /> <br /> NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and <br />obligations set forth herein, the parties agree as follows: <br /> <br /> 1. Negotiations between the parties shall proc eed in an attempt to formulate a definitive <br />development contract ("Contract ") based on the following: <br /> <br /> (a) the Developer's Proposal (when su bmitted) together wi th any changes or <br />modifications required by the Authority; <br /> <br /> (b) such documentation regarding econom ic feasibility of the Project as the <br />Authority may wish to u ndertake during the term of this Agreement; and <br />