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Development Agreement Page 1 of 6 DEVELOPMENT AGREEMENT CITY OF LITTLE CANADA, RAMSEY COUNTY, MINNESOTA This Agreement (hereinafter the “Agreement”) is dated as of this ____ day of _______________, 2026, and is by and between the City of Little Canada, a Minnesota municipal corporation (the “CITY”) and LC Apartments, LP a limited liability company under the laws of Minnesota, (the “DEVELOPER”). Recitals A. DEVELOPER has obtained the necessary CITY approvals (“City Approvals”) to construct a 106-unit affordable senior housing project known as Little Canada Senior Apartments (“Project”) located at 99 County Road B East, Little Canada, Minnesota, as legally described on Exhibit A attached hereto and incorporated herein (the “Subject Property”). B. That as part of the CITY approvals, the parties desire to enter into this Agreement to memorialize certain conditions, including the DEVELOPER’s compliance with the requirements of the Local Affordable Housing Aid (“LAHA”) program and the DEVELOPER’s financial contribution to the required sanitary sewer lift station upgrade (“Lift Station Upgrade”). Agreement SECTION I REQUIRED IMPROVEMENTS AND FINANCIAL RESPONSIBILITIES 1. City Code Compliance. The CITY approves the site plan (the “Site Plan”) conditioned on the DEVELOPER developing the Subject Property in accordance with the applicable provisions of City Code (the “City Approvals”). 2. Conformance with the Plans. The Subject Property shall be developed in accordance with the final plans (the “Plans”) as identified in the City Approvals. The Plans remain subject to: (a) any and all conditions of the City Approvals; (b) City Staff’s review and approval of the Plans to, among other things, confirm that the revisions requested in the CITY’s review have been made; and (c) such further revisions as the DEVELOPER may propose and the CITY approves. The Plans shall not be attached to this Agreement, but are in the CITY’s files.