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DEVELOPMENT AGREEMENT <br />THIS AGREEMENT, made as of the day of July, 1999, <br />by and between the City of Little Canada, Minnesota (the <br />"City "), a municipal corporation and political subdivision <br />organized and existing under the Constitution and the laws <br />of the State of Minnesota; and RAB /LLC, a Minnesota limited <br />liability company (the "Developer "), <br />WITNESSETH: <br />WHEREAS, pursuant to Minnesota Statutes, Sections <br />469.124 through 469.134 (the "Municipal Development Act "), <br />the City has formed a development district, designated as <br />Development District No. 2 (the "Development District ") and <br />adopted a Development Program (the "Development Program ") <br />for the Development District; and <br />WHEREAS, pursuant to the provisions of Minnesota <br />Statutes, Section 469.174 through 469.179, as amended, <br />(hereinafter the "Tax Increment Act ") the City has created a <br />tax increment financing district (the "Tax Increment <br />District ") designated as Tax Increment District No. 2 -1, a <br />description of which district is attached hereto as Exhibit <br />A and has adopted a tax increment financing plan <br />(collectively, the "Tax Increment Plan ") therefor which <br />provides for the use of tax increment financing in <br />connection with development within the Development District; <br />and <br />WHEREAS, in order to achieve the objectives of the <br />Development Program and particularly to make the land in the <br />Development District available for development by private <br />enterprise in conformance with the Development Program, the <br />City has determined to issue the Tax Increment Bonds to <br />finance the acquisition of the Development Property and sell <br />the Development Property to the Developer at a reduced cost <br />and reimburse the Developer for certain costs of a Project <br />to be undertaken by the Developer; and <br />1054867.2 <br />Page 48 <br />