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DRAFT <br /> 4.15.2004 <br /> PURCHASE AND REDEVELOPMENT AGREEMENT <br /> THIS AGREEMENT is made as of the day of , 2004, and among <br /> the MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY, a public body politic and <br /> corporate under the laws of the State of Minnesota (the "Authority"), located at 2401 Highway 10, <br /> Mounds View, Minnesota 55112-1499, and Pro Craft Development, LLC, a Minnesota limited <br /> liability company(the"Developer"), located at 102 Bridgewater Drive, Vadnais Heights, Minnesota <br /> 55127. <br /> WITNESSETH: <br /> WHEREAS,the Authority is the owner in fee simple of various parcels of land(the"Land") <br /> located in the City of Mounds View, County of Ramsey, State of Minnesota, and legally described <br /> as: <br /> Lots 34, 36 and 37, KNOLL WOOD PARK, and Lot 35, KNOLL WOOD PARK, <br /> except the North 150 feet thereof according to the recorded plat thereof Ramsey <br /> County, Minnesota. <br /> The Land and all rights, privileges, improvements, easements, tenements, hereditaments, and <br /> appurtenances belonging thereto, shall hereinafter be referred to as the"Property". <br /> WHEREAS, the Authority deems it to be in the public interest to facilitate and encourage <br /> redevelopment of the Property by private activity; and <br /> WHEREAS, the Developer has proposed to redevelop the Property which the Authority <br /> believes will promote and carry out the objectives of the Authority, will be in the best interests of <br /> the Authority, will promote the health, safety, morals, and welfare of its residents and will be in <br /> accord with the public purposes and provisions of the applicable state and local laws and <br /> requirements under which activities within the Authority have been undertaken and are being <br /> assisted; and <br /> WHEREAS, the Developer proposes to renovate the Property in accordance with the <br /> Request for Proposals ("RFP") submitted by the Developer and selected by the Authority <br /> concerning the Property; and, <br /> WHEREAS, the Developer is willing to purchase the Property and to redevelop the Property <br /> for and in accordance with the RFP; and <br /> WHEREAS, the Authority desires to convey the Property to Developer and Developer is <br /> desirous of purchasing the same from and entering into a purchase and redevelopment agreement <br /> (the"Agreement")with the Authority. <br /> SJR-245249v4 <br /> MU205-29 <br /> 1 <br />