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DEVELOPMENT AGREEMENT <br /> THIS AGREEMENT, made as of the day of 2010, by and between the <br /> City of Roseville, Minnesota (the "City a municipal corporation existing under the laws of the <br /> State of Minnesota and United Properties Residential LLC, a Minnesota limited liability <br /> company (the "Developer <br /> WITNESSETH: <br /> WHEREAS, pursuant to Minnesota Statutes, Section 469.124 to 469.134, the City has <br /> heretofore established Municipal Development District No. 1 (the "Development District and <br /> has adopted a development program therefor (the "Development Program and <br /> WHEREAS, pursuant to the provisions of Minnesota Statutes, Section 469.174 through <br /> 469.1799, as amended (hereinafter, the "Tax Increment Act the City has heretofore <br /> established, within the Development District, Tax Increment Financing (Economic <br /> Development) District No. 19 (the "Tax Increment District and has adopted a tax increment <br /> financing plan therefor (the "Tax Increment Plan which provides for the use of tax increment <br /> financing in connection with certain development within the Development District; and <br /> WHEREAS, in order to achieve the objectives of the Development Program and <br /> particularly to make the land in the Development District available for development by private <br /> enterprise in conformance with the Development Program, the City has determined to assist the <br /> Developer with the financing of certain costs of a Project (as hereinafter defined) to be <br /> constructed within the Tax Increment District as more particularly set forth in this Agreement; <br /> and <br /> WHEREAS, the City believes that the development and construction of the Project, and <br /> fulfillment of this Agreement are vital and are in the best interests of the City, the health, safety, <br /> morals and welfare of residents of the City, and in accordance with the public purpose and <br /> provisions of the applicable state and local laws and requirements under which the Project has <br /> and is being assisted; <br /> been undertaken g and assisted; <br /> NOW, THEREFORE, in consideration of the premises and the mutual obligations of the <br /> parties hereto, each of them does hereby covenant and agree with the other as follows: <br /> 2753452v% <br />