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DEVELOPMENT AGREEMENT THIS AGREEMENT, made as of the day of May, 2008, by and between the City of Little Canada, Minnesota (the "City "), a municipal corporation organized and existing under the laws of the State of Minnesota and St. Jude Medical, Inc. (the "Developer "), an Minnesota corporation. WITNESSETH: WHEREAS, pursuant to Minnesota Statutes, Section 469.124 through 469.134, the City has formed Municipal Development District No. 5 (the "Development District ") and has adopted a development program therefor (the "Development Program "); and WHEREAS, pursuant to the provisions of Minnesota Statutes, Section 469.174 through 469.1799, as amended, (hereinafter the "Tax Increment Act "), the City has created, within the Development District, Tax Increment Financing District No. 5 -1 (the "Tax Increment District "), the legal description of which is attached to the Tax Increment Plan, and has adopted a tax increment financing plan, dated October 10, 2007, therefor (the "Tax Increment Plan ") which provides for the use of tax increment financing in connection with certain development within the Development District; and WHEREAS, in order to achieve the objectives of the Development Program and particularly to make the land in the Development District available for development by private enterprise in conformance with the Development Program, the City has determined to install certain public improvements in connection with a Project (as hereinafter defined) to be undertaken by the Developer and to be constructed within the Tax Increment District as more particularly set forth in this Agreement; WHEREAS, the requirements of the Business Subsidy Law, Minnesota Statutes, Section 116J.993 through 116J.995, do not apply to this Agreement because no amounts will be paid to or on behalf of the Developer for expenses the Developer would be obligated to incur; all amounts to be paid pursuant to this Agreement are for public improvements to lands owned or to be acquired by the City or the County that serve a public purpose and are not principally benefiting Developer or any other single business; and WHEREAS, the City believes that the development and construction_ of the- Project, -and fulfillment of this Agreement are vital and are in the best interests of the City, the health, safety, morals and welfare of residents of the City, and in accordance with the public purpose and provisions of the applicable state and local laws and requirements under which the Project has been undertaken and is being assisted. 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: 2139197v6 Doc# 2561638V9