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AGREEMENT <br />\ <br />AGREEMENT, dated 1\1(7-C. 1C , 1993, by and between the <br />CITY OF LITTLE CANADA, a Minnesota Municipal Corporation ( "City ") and <br />FRANKLIN DRYWALL, INC., a Minnesota Corporation ( "Developer "). <br />WHEREAS, Developer purchased the property at 2825 Country <br />Drive in the City of Little Canada for commercial office use and <br />storage relative to Developer's business; and <br />WHEREAS, the property at 2825 Country Drive is located in a <br />Redevelopment District (2 -1) established by the City; and <br />WHEREAS, City is desirous of achieving the redevelopment of <br />the area; and <br />WHEREAS, Redevelopment may necessitate the future acquisition <br />of Developer's property by the City or other parties; and <br />WHEREAS, Developer was granted approval for a planned unit <br />development allowing the conversion of an existing residential <br />structure to commercial office use and the conversion of the existing <br />garage to storage are as requested by Developer for the property <br />located at 2825 Country Drive as outlined in City resolution number <br />93 -5 -145; and <br />WHEREAS, said resolution was approved subject to developer <br />entering into an agreement with the City whereby a process is <br />established for determining the fair market value of the property in <br />the future should acquisition be necessary as well as the developer <br />waiving any and all rights to any relocation benefits should they <br />exist; <br />3 <br />