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AMENDED AND RESTATED DEVELOPMENT AGREEMENT THIS AMENDED AND RESTATED DEVELOPMENT AGREEMENT ("Agreement"), made on or as of the day of , by and between the City of Falcon Heights, a Minnesota municipal corporation (hereinafter referred to as the "City"), and Falcon Heights Town Square Limited Partnership, a Minnesota limited partnership (hereinafter referred to as the "Multifamily Developer"), amends and restates the Development Agreement between the parties, dated effective July 18, 2003 and the First Amendment to Development Agreement between the parties, dated effective July 18, 2003. WITNESSETH: WHEREAS, the City is a municipal corporation organized and existing pursuant to the Constitution and laws of the State of Minnesota and is governed by the Council of the City (the "Council"); and WHEREAS, the City has established within the City its Municipal Development District No. 1 pursuant to Minnesota Statutes, Sections 469.124 - 469.134, providing for the development and redevelopment of certain areas located within the City (which development district is hereinafter referred to as the "Project"); and WHEREAS, the City has approved the establishment of its Tax Increment Financing • District No. 1-3 within the Project pursuant to Minnesota Statutes, Sections 469.174-469.179 (which tax increment financing district is hereinafter referred to as the "Tax Increment District"); and WHEREAS, pursuant to Minnesota Statutes, Section 469.176, subdivision 4, tax increment derived from the Tax Increment District may be used in accordance with the tax increment financing plan created in connection with the establishment of the Tax Increment District to pay the capital and administration costs of the Project; and WHEREAS, pursuant to Minnesota Statutes, Section 469.126, the City is authorized within the Project to acquire, construct, reconstruct, improve, alter, extend, operate, maintain or promote developments; and WHEREAS, the Multifamily Developer has presented to the City a proposal under which the Multifamily Developer would redevelop certain real property located within the Tax Increment District as more particularly described in Schedule A attached hereto and made a part hereof (the "Multifamily Development Property"); and WHEREAS, the Multifamily Developer's proposal for the Multifamily Development Property is to construct an approximately 119 unit multifamily rental project which would include approximately 12,000 square feet of commercial retail space on the first floor and a below-grade parking structure (the "Multifamily Development"); and r ~; ;".~'~=December 29, 2003 8D