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DEVELOPMENT AGREEMENT <br />1. Parties. <br />The parties to this development agreement ( "Development Agreement ") are the <br />Economic Development Authority of the City of Little Canada, a body corporate and politic <br />under the laws of the State of Minnesota (the "EDA ") and Market Place Center Limited <br />Liability Company, a Minnesota limited liability company ( "Developer "). This Development <br />Agreement sometimes refers to the EDA or the Developer, individually, as a "Party" and the <br />EDA and the Developer, collectively, as the "Parties." <br />2. Recitals. <br />a. The EDA has agreed to make a loan (the "Loan ") to the Developer pursuant <br />to the terms of an Acquisition and Construction Loan Agreement dated the same date as <br />this Development Agreement (the "Loan Agreement "). <br />b. Developer shall use the proceeds of the Loan to acquire, rehabilitate and <br />enhance Market Place shopping center in the City of Little Canada (the "Project "). <br />c. The Project is located on the real property described on Exhibit A (the <br />"Property"). <br />d. The EDA is making the Loan to the Developer because the EDA believes <br />Developer's acquisition, rehabilitation and enhancement of the Project will benefit the City <br />of Little Canada (the "City "). <br />e. The EDA desires to create a plan for and cause the redevelopment of a <br />portion of the City which includes the Property. One aspect of the proposed plan is the <br />30804&4 <br />Page 124 <br />