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WHEREAS, the redevelopment of the Multifamily Development Property is part of a larger redevelopment project known as "Falcon Heights Town Square" which will involve the • redevelopment of the Multifamily Development Property and certain real property adjacent to the Multifamily Development Property also located within the Tax Increment District (the "Town Square Site"); and WHEREAS, the site plan for the Town Square Site attached hereto as Schedule B and made a part hereof shows (i) the Multifamily Development, (ii) a 56 unit senior rental project which would include abelow-grade parking structure (the "Senior Development") to be constructed on the real property described on Schedule C attached hereto and made a part. hereof (the "Senior Development Property"), and (iii) a 14 unit for-sale townhome project (the "Townhome Development") to be constructed on the real property described on Schedule D attached hereto and made a part hereof (the "Townhome Development Property"); and WHEREAS, the City will enter into a Development Agreement with Town Square Senior Apartments LLC, a Minnesota limited liability company (the "Senior Developer") with respect to the Senior Development (the "Senior Development Agreement") and a Development Agreement with Townhomes at Town Square LLC, a Minnesota limited liability company (the "Townhome Developer") with respect to the Townhome Development (the "Townhome Development Agreement"); and WHEREAS, the Multifamily Developer has as part of its proposal requested that the City provide certain financial assistance to aid in the development of the Multifamily Development, without which assistance such development would not be feasible; and WHEREAS, the City believes that the redevelopment of the Multifamily Development Property and the provision of the housing and retail space as proposed by the Multifamily Developer is in the best interest of the City and its residents and in accord with the public purposes and provisions of applicable federal, state and local laws under which the Multifamily • Development is being undertaken and assisted; and NOW THEREFORE, in consideration of the premises and the mutual obligations of the parties hereto, each of them does hereby covenant and agree with the other as follows: ARTICLE I Definitions Section l.l. Definitions. In this Agreement, the terms defined in the recitals shall have the meanings set forth therein and the following terms shall have the following meanings, unless a different meaning clearly appears from the context: "Acquisition Costs" means the total amount paid by the City to acquire or attempt to acquire the Shopping Center Parcel, the Snelling Avenue Parcel and the Snelling Avenue Frontage Road -North of Larpenteur, including, but not limited to, the following: (1) the amount of compensation paid by the City for the real property either by settlement or as