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DEVELOPMENT AGREEMENT <br />1. PARTIES AND EFFECTIVE DATE. The parties to this Agreement are the <br />City of Little Canada, a Minnesota municipal corporation (the "City "), the Economic <br />Development Authority of the City of Little Canada, a body corporate and politic organized and <br />existing under the laws of the State of Minnesota (the "Authority ") and , a <br />( "Developer "). This Agreement is made and is effective as of the <br />day of December _, 2001. <br />2. DEFINITIONS. As used in this Agreement and any exhibits or attachments to <br />this Agreement, the capitalized words and phrases defined in this Section 2 have the meanings <br />attributed to them in this Section 2. <br />2.1. "Agreement" means this Development Agreement, as the same may be <br />amended or supplemented from time to time. <br />2 2 "Annual Cash Flow" means, for any Fiscal Year, the difference. <br />either positive or negative, between Gross Receipts and the sum of Debt Service and <br />Operating Expenses. <br />2.2. "Assessment Agreement" means the Assessment Agreement the City <br />and the Developer will execute with respect to the Redevelopment Property pursuant to <br />Section 9.1. <br />2.4. 2.3. "Authority" means the Economic Development Authority of the City <br />of Little Canada. <br />2.5. 2.1. "Authority Agreements" means this Agreement and the Purchase <br />Agreement.. <br />2.6. 2.5. "Business Day" means any day except a Saturday, Sunday or a legal <br />holiday or a day in which banking institutions in the City are authorized by law or <br />executive order to close. <br />LI "Ca.i .1 Trans.ction" means ale r•finan in' o condemna <br />or casualty to the Redevelopment Property. <br />1 <br />2.8. i6- "Certificate of Completion" means the Certificate of Completion <br />described in Section 8.6. <br />2.9. 2.7. "Certificate of Occupancy" means a certificate of occupancy the City <br />of Little Canada issues for the Minimum Improvements pursuant to the City's <br />Ordinances. <br />2.10. 2-8— "City" means the City of Little Canada. <br />2.11. 2.9. "City Agreements" means this Agreement and the Assessment <br />Agreement. <br />1353333vDOC <br />Red (V3 to V2) <br />Page 106 <br />