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1 CONTRACT FOR PRIVATE DEVELOPMENT THIS CONTRACT FOR PRIVATE DEVELOPMENT, made as of the _____ day of _____________, 2019 (the “Agreement”), is between the LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY, a public body corporate and politic under the laws of the State of Minnesota (the “Authority”), and LYNGBLOMSTEN SENIOR HOUSING, INC., a Minnesota limited liability company (the “Developer”). WITNESSETH: WHEREAS, the Authority and the City of Lino Lakes, Minnesota (the “City”) have undertaken a program to promote economic development and job opportunities and to promote the development of land which is underutilized within the City, and in connection created a Development District known as Development District No. 1 (the “Development District”) pursuant to Minnesota Statutes, Sections 469.124 to 469.133, as amended (the “Municipal Development Act”) which is administered by the Authority; and WHEREAS, the Authority approved Tax Increment Financing Plan for Tax Increment Financing (Housing) District No. 1-5 (the “Willow Ponds TIF District) on December 28, 1992 and the Authority has approximately $382,000 available from the Willow Ponds TIF District that may be used within the Development District for affordable housing; and WHEREAS, the City and the Authority have approved a Tax Increment Financing Plan for Tax Increment Financing (Housing) District No. 1-13 (the “TIF District”) pursuant to Minnesota Statutes, Sections 469.174 to 469.1794, as amended (the “Tax Increment Act”), made up of certain property within the Development District (the “Development Property”); and WHEREAS, pursuant to the Municipal Development Act and the Minnesota Statutes Sections 469.090 through 469.1082, as amended (the “EDA Act”), the Authority is authorized to undertake certain activities to facilitate the development of real property by private enterprise, including development of affordable housing within the City; and WHEREAS, the Developer proposes to acquire certain property described in EXHIBIT A attached hereto (the “Development Property”) within the TIF District and construct a senior rental housing facility with approximately 143 units, comprised of independent living and assisted living, with at least twenty percent (20%) of such units to be available to persons of low and moderate income, as described herein (the “Senior Building”); and WHEREAS, in order to achieve the objectives of the Development Program for the Development District and make the Senior Building economically feasible for the Developer to construct, the Authority is prepared to reimburse the Developer for a portion of the development costs related to the Senior Building; and WHEREAS, the Authority believes that the development of the Senior Building within the TIF District pursuant to this Agreement, and fulfillment generally of this Agreement, is in the vital