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445151v1 JAE WA445-15 <br />PRELIMINARY DEVELOPMENT AGREEMENT <br /> <br /> <br /> THIS PRELIMINARY DEVELOPMENT AGREEMENT (this “Agreement”), dated this <br />___ day of ____________, 2016, by and between the Lino Lakes Economic Development <br />Authority, a municipal corporation and political subdivision under the laws of the State of <br />Minnesota (the “EDA”) and DM Land, LLC, a Minnesota limited liability company, or its <br />successors or assigns (the “Developer”): <br /> <br />WITNESSETH <br /> <br /> WHEREAS, the EDA desires to promote redevelopment of property known as the 49 Club <br />Site, located in the City of Lino Lakes, and legally described in Exhibit A (the “Property”); and <br /> <br /> WHEREAS, the Developer owns the Property and intends to demolish the restaurant <br />building and garage currently located on the Property; and <br /> <br /> WHEREAS, pursuant to a report from LHB, dated March 27, 2015, the buildings are in <br />substandard condition; and <br /> <br /> WHEREAS, by resolution adopted on the date hereof, the EDA Board has found the <br />buildings located on the Property to be structurally substandard within the meaning of Minnesota <br />Statutes, Section 469.174, subd. 10(b); and <br /> <br /> WHEREAS, the EDA and the Developer have determined that it is in the best interest of the <br />parties to demolish the existing building and agree to cooperate with respect to potential future <br />redevelopment of the Property, all as further described in this Agreement; <br /> <br /> NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and <br />obligations set forth herein, the parties agree as follows: <br /> <br /> 1. During the term of this Agreement, the Developer (or its successors and assigns) <br />shall: <br /> <br /> (a) At no cost to the EDA, cause the existing buildings on the Property to be <br />demolished and all demolition debris to be removed from the Property as soon as reasonably <br />practicable after the date of this Agreement. The parties agree that Developer will not be <br />required to remove the existing concrete and asphalt slabs on the Property. The parties agree <br />that such demolition shall occur no later than July 31, 2016. <br /> <br /> (b) Maintain the Property in compliance with City ordinances. The Parties agree <br />that leaving the concrete and asphalt slabs on the Property are in compliance with City <br />ordinances. <br /> <br /> (c) If the Developer determines not to undertake redevelopment of the Property <br />directly, it will use its best efforts to seek a successor entity that will proceed with such