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FINAL APPROVED 1.25.16 <br /> MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br /> AND <br /> THE BEARD GROUP,INC. <br /> PRELIMINARY DEVELOPMENT AGREEMENT <br /> THIS AGREEMENT, dated this day of January, 2016, by and between the Mounds <br /> View Economic Development Authority, a public body corporate and politic under the laws of <br /> Minnesota("EDA")and The Beard Group,Inc., a Minnesota corporation("Developer"): <br /> WITNESSETH: <br /> WHEREAS, EDA desires to promote development of certain property owned by the City <br /> known as Crossroad Pointe, located at 2390 and 2394 County Road 10 and 2400 County Road <br /> H2, in the City of Mounds View, State of Minnesota,which property is described and depicted in <br /> Exhibit A attached hereto("Property"); and <br /> WHEREAS,Developer, or a special purpose entity to be formed by the Developer for the <br /> purpose of completing this project, has submitted or is in the process of submitting a proposal <br /> ("Proposal") for development of a 119 unit market rate apartment building on a portion of the <br /> Property("Development"),which proposal is attached hereto as Exhibit B; and <br /> WHEREAS, the Development shall occur on the portion of the Property located at 2400 <br /> County Road H2 and legally described in Exhibit C attached hereto; and <br /> WHEREAS, EDA desires to find another party to develop the remaining portion of the <br /> Property("Phase 2 Development"); and <br /> WHEREAS, EDA and Developer are interested in discussing and further planning for the <br /> Developer's proposal for the Development; and <br /> WHEREAS, Developer has indicated to the EDA that it will seek business subsidy <br /> assistance from the City of Mounds View ("City") and/or the EDA to make the Development <br /> feasible; and <br /> WHEREAS, the City or the EDA will need to determine if various studies as may be <br /> determined to be reasonably necessary should be conducted, including without limitation an <br /> environmental impact or related study(if determined by the City or EDA to be necessary for the <br /> Development), an infrastructure feasibility study (if determined by the City or EDA to be <br /> necessary for the Development), an economic impact study(if determined by the City or EDA to <br /> be necessary for the Development), and any other required analysis of the Development (the <br /> "Studies") and will need to determine that the proposed Development of the Property will have a <br /> positive impact on the City; and <br /> WHEREAS, the City and the EDA are willing to discuss with Developer available public <br /> subsidies for the Development; and <br /> 1 <br /> 469964v9 SJR MU205-46 <br />