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Development Agreement <br /> <br /> Agreement, dated this day of September, 2010 by and between the CITY OF <br /> <br /> LITTLE CANADA, a Minnesota Municipal Corporation ("City") and PWS HOLDINGS <br /> LLC, a Minnesota Corporation ("Developer"). <br /> WHEREAS, Developer is purchasing the property at 2948 Rice Street in the City <br /> of Little Canada for commercial office use and storage relative to Developer's business; <br /> and <br /> WHEREAS, the property at 2948 Rice Street is located within an area designated <br /> by the City as an important location for redevelopment; and <br /> WHERF,AS, City is desirous of achieving the redevelopment of the area; and <br /> WHEREAS, redevelopment may necessitate the future acquisition of Developer's <br /> property by the City or other parties; and <br /> WHEREAS, Developer was granted approval for a plazmed unit development <br /> permit allowing the occupancy and use of this property as requested by Developer as <br /> outlined in City resolution number 10-9-_; and <br /> WHEREAS, said resolution was approved subject to developer entering into an <br /> agreement with the City whereby a process is established for determining the fair market <br /> value of the property in the future should acquisition be necessary to facilitate <br /> redevelopment; <br /> NOW, THEREFORE BE IT AGREED AS FOLLOWS: <br /> 1. Should acquisition of the property at 2948 Rice Street (legally described in <br /> Exhibit A) be necessary for redevelopment, Developer agrees to sell the <br /> property at fair market value on a voluntary basis to the City or the party <br /> undertaking the redevelopment, and the City agrees to purchase the property <br /> under those circumstances based on the purchase price being determined as <br /> follows: <br /> The purchase price shall be the greater o£ <br /> A) "I•he actual purchase price paid by the Developer in 2010 prior to <br /> occupying the property as evidenced by the HUD Closing Statement <br /> plus all documented costs of improvements undertaken by Developer <br /> within six months of acquisition as evidenced by copies of paid <br /> invoices for work performed on the building and grounds such as <br /> siding, roofing, paving, landscaping, interior build-outs, plumbing, <br /> heating, and electrical costs necessary for the use of the building by <br /> <br />