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DEVELOPMENT AGREEMENT <br />1. Parties: <br />The parties to this development agreement ( "Development Agreement ") are the City of Little <br />Canada, a Minnesota municipal corporation (the "City ") and Towne & Country Center Limited <br />Liability Company, a Minnesota limited liability company, (the "Developer "). <br />2. Effective Date: <br />This Development Agreement is effective as of February 29, 2000. <br />3. Recitals: <br />a. The Economic Development Authority of the City of Little Canada (the "EDA ") and Market <br />Place Center Limited Liability Company, a Minnesota limited liability company entered into a <br />Development Agreement ( "Previous Agreement ") on December 27, 1995 to govern the <br />acquisition and renovation of the Market Place shopping center and related property. It is <br />attached hereto as Exhibit A. <br />b. The Previous Agreement established the opportunity for Market Place Center Limited <br />Liability Company to purchase the Property from the EDA if the EDA was successful in its <br />attempt to acquire. <br />c. Robert E. Grootwassink and Mark A. Hotzler own Market Place Center Limited Liability <br />Company, the same principals as the Developer. <br />d. The City entered into an Exclusive Option Agreement for the property known as the <br />DeLonais property and identified by Ramsey County property identification numbers 06 -29- <br />22-32- 0001 -3 and 06- 29- 22 -32- 0002 -6 and described on Exhibit B (the "Property "). The City <br />has exercised said Exclusive Option Agreement. <br />e. Developer has represented its ability to develop the Property in a manner that creates a <br />positive benefit for the City. <br />f. The parties have agreed to an assignment of the Exclusive Option Agreement for the Property. <br />The assignment is attached as Exhibit C. <br />4. Consideration: <br />The City is entering into this agreement in consideration for the Developer's agreement to <br />perform or arrange to perform Developer's obligations under this Development Agreement. <br />Developer is entering into the Development Agreement in consideration of the City's agreement <br />to perform City's obligations under this Development Agreement. <br />Page 4 <br />