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DEVELOPMENT AGREEMENT <br />THIS AGREEMENT, made as of the _ 1st day of July, 1999, by and <br />between the City of Little Canada, Minnesota (the "City "), a municipal corporation <br />organized and existing under the laws of the State of Minnesota, and R. J. Marco <br />Construction, Inc., a Minnesota corporation (the "Developer "). <br />WITNESSETH: <br />WHEREAS, pursuant to Minnesota Statutes, Section 469.124 through 469.134, the <br />City has formed Municipal Development District No. 3 (the "Development District ") and <br />has adopted a development program therefor (the "Development Program "); and <br />WHEREAS, pursuant to the provisions of Minnesota Statutes, Section 469.174 <br />through 469.179, as amended (hereinafter the "Tax Increment Act "), the City has created, <br />within the Development District, Tax Increment Financing District No. 3 -2 (the "Tax <br />Increment District "), and has adopted a tax increment financing plan (the "Tax Increment <br />Plan ") which provides for the use of tax increment financing in connection with certain <br />development within the Development District; and <br />WHEREAS, the City is proposing to expand the Tax Increment District to include <br />the Development Property and correspondingly modify the Tax Increment Plan; and <br />WHEREAS, in order to achieve the objectives of the Development Program and <br />particularly to make the land in the Development District available for development by <br />private enterprise in conformance with the Development Program, the City has <br />determined to assist the Developer with the financing of certain costs of a Project (as <br />hereinafter defined) to be constructed within the Tax Increment District as more <br />particularly set forth in this Agreement; and <br />WHEREAS, the City believes that the development and construction of the Project <br />and fulfillment of this Agreement are vital and are in the best interests of the City, the <br />health, safety, morals and welfare of residents of the City, and in accordance with the <br />public purpose and provisions of the applicable state and local laws and requirements <br />under which the Project has been undertaken and is being assisted. <br />1058683.REU <br />V5 to V4; 7/14/99 <br />PAGE 18 <br />