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RELEASE OF DEVELOPMENT AGREEMENT <br />BY AND BETWEEN <br />CITY OF LITTLE CANADA <br />AND <br />IUPAT COUNCIL 82 BUILDING CORPORATION, INC. <br />WHEREAS, the City of Little Canada, (hereinafter "City ") a municipal corporation and <br />political subdivision organized and existing under the Constitution and the laws of the <br />State of Minnesota; and International Union of Painters and Allied Trades Council 82 <br />Building Corporation, Inc., a Minnesota non - profit corporation ( "IUPAT ") entered into a <br />Development Agreement dated August 13, 2003, and <br />WHEREAS, IUPAT completed construction of Minimum Improvements as required by <br />the Development Agreement, and <br />WHEREAS, IUPAT is eligible under Minnesota Statutes Chapter 272.02, Subdivision <br />86 to seek an exemption from real estate taxes for property associated with <br />apprenticeship training facilities; subject to satisfaction of terms and conditions of the <br />Development Agreement, and <br />WHEREAS, the Development Agreement defined the "termination date" as the date of <br />expiration of this Agreement and the Assessment Agreement as provided in Section 6.1, <br />and <br />WHEREAS, Section 6.1 of the Development Agreement stated that the Assessment <br />Agreement and the Development Agreement shall remain in effect until the earlier of (i) <br />December 31, 2019, (ii) the date the Interfund Loan is paid in full or (iii) the date on <br />which the Tax Increment District expires or is otherwise terminated (the Termination <br />Date), and <br />WHEREAS, IUPAT has repaid the outstanding balance of the Interfund Loan <br />obligations associated with the City providing tax increment financing assistance to <br />IUPAT in full, and <br />WHEREAS, IUPAT and the City have entered in to a Payment In Lieu of Taxes <br />Agreement dated May 23, 2012 to protect the City for losses associated with partial tax - <br />exempt status, <br />NOW THEREFORE, in consideration of the premises and mutual obligations of the <br />parties hereto, each of them does hereby covenant and agree with the other as follows: <br />1. IUPAT has satisfied the terms of the Development Agreement with the City dated <br />August 13, 2003. <br />2. City hereby acknowledges that the Development Agreement dated August 13, 2003 is <br />hereby terminated. <br />1 <br />