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2 <br />defined herein) to be constructed by the Developer will be approximately $77,000,000, which <br />investment would not be feasible but for the assistance of the Authority as contemplated herein; and <br /> <br />WHEREAS, in order to achieve the objectives of the Development Program for the <br />Development District and make the Senior Housing Units economically feasible for the Developer <br />to construct, the Authority is prepared to reimburse the Developer for a portion of the development <br />costs related to the Senior Housing Units; and <br /> <br />WHEREAS, the Authority believes that the development of the Senior Housing Units <br />within the TIF District pursuant to this Agreement, and fulfillment generally of this Agreement, is in <br />the vital and best interests of the City and the health, safety, morals, and welfare of its residents, and <br />in accord with the public purposes and provisions of the applicable State of Minnesota and local <br />laws and requirements under which the Senior Housing Units has been undertaken and is being <br />assisted. <br /> <br />NOW, THEREFORE, in consideration of the premises and the mutual obligations of the <br />parties hereto, each of them does hereby covenant and agree with the other as follows: <br /> <br /> <br /> <br /> <br /> <br />(The remainder of this page is intentionally left blank.)