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EXHIBIT B 12/4/2008 COOPERATIVE DEVELOPMENT AGREEMENT 2966 ARCADE STREET THIS AGREEMENT, MADE THIS t s' day of December, 2008, by and between the City of Little Canada, a municipal corporation of the State of Minnesota (hereinafter referred to as the "City ") and Masterpiece Homes, Inc., a Minnesota Corporation (hereinafter referred to as the "Developer "). WITNESSETH: WHEREAS, Developer has entered into an agreement to acquire approximately 5 acres of real property situated in the City of Little Canada, County of Ramsey (hereinafter the "Subject Property "), as described on the attached Exhibit A, incorporated herein by reference; and WHEREAS, the City has agreed to assist Developer with the costs of acquiring the Subject Property from the current owner in order to promote redevelopment of foreclosed or blighted properties within the City; and WHEREAS, Developer desires to establish and develop such property for residential use; and NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the City and Developer agree as follows: AGREEMENT Financial Agreements 1. For the City's financial contribution to the costs of acquiring the Subject Property, Developer shall execute a mortgage in favor of the City in the amount of the City's contribution (expected to be $218,925.00), which will be recorded against the Subject Property as a purchase - money mortgage. The mortgage shall have a stated term of five (5) years. The City agrees not to foreclose upon the mortgage so long as the Developer is progressing towards design, presentation, and completion of a residential project on Subject Property. Developer agrees to waive any objection to foreclosure of the mortgage, at any time, should Developer abandon work on a residential project on the Subject Property for any reason. 1