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PRELIMINARY DEVELOPMENT AGREEMENT <br />BY AND BETWEEN <br />CITY OF LITTLE CANADA <br />AND <br />THE VENETIAN DEVELOPMENT CORPORATION <br />THIS AGREEMENT, made as of the m day of December, 1994, <br />by and between the City of Little Canada, a municipal corporation <br />organized and existing under the laws of the State of Minnesota <br />(the "City "), and the Venetian Development Corp., a Minnesota <br />corporation (the "Developer "). <br />WITNESSETH: <br />WHEREAS, the City feels that redevelopment of the Rice <br />Street and Little Canada Road area within its boundaries is <br />crucial to its long -term development needs in terms of tax base, <br />provision of needed services, and employment opportunities; and <br />WHEREAS, pursuant to Minnesota Statutes, Section 469.124 <br />through 469.134, the City has formed Municipal Development <br />District No. 3 -1 (the "Development District ") and has adopted a <br />development program therefor (the "Development Program "); and <br />WHEREAS, pursuant to the provisions of Minnesota Statutes, <br />Section 469.174 through 469.179, as amended, (hereinafter the <br />"Tax Increment Act "), the City has created a tax increment <br />financing district (the "Tax Increment District "), the legal <br />description of which is on file in the offices of the City, and <br />has adopted a tax increment financing plan therefor (the "Tax <br />Increment Plan ") which provides for, among other things, the use <br />of tax increment financing in connection with development within <br />the Development District; and <br />Page 42 <br />