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u <br />GRANT AGREEMENT <br />THIS AGREEMENT is made as of the 18th day of December, 2003, by and between <br />the CITY OF FALCON HEIGHTS, a Minnesota municipal corporation (the "City") and <br />SHERMAN ASSOCIATES, INC., a Minnesota corporation (the "Master Developer") <br />FALCON HEIGHTS TOWN SQUARE LIMITED PARTNERSHIP, a Minnesota limited <br />partnership (the "Multifamily Developer"), TOWNHOMES AT TOWN SQUARE LLC, a <br />Minnesota limited liability company (the "Townhome Developer"), and TOWN SQUARE <br />SENIOR APARTMENTS LLC, a Minnesota limited liability company (the "Senior <br />Developer") <br />RECITALS <br />• WHEREAS, the Multifamily Developer, the Townhome Developer and the Senior <br />Developer are sometimes referred to in this Agreement individually as a "Developer", or <br />collectively as the "Developers". <br />WHEREAS, the Developers have presented to the City a proposal under which they will <br />redevelop certain blighted real property located in the City and legally described on Exhibit A <br />attached hereto (the "Property") into amixed-income, mixed-use town square project for the City <br />(the "Town Square Project") as follows: <br />(a) the Multifamily Developer proposes to construct a 119 unit multifamily rental <br />project which will include approximately 12,000 square feet of commercial retail space on the <br />first floor and abelow-grade parking structure (the "Multifamily Development"); and <br />• <br />C'] <br />