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MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br />AND <br />INH PROPERTY MANAGEMENT, INC. <br />PRELIMINARY DEVELOPMENT AGREEMENT <br />THIS AGREEMENT, dated this 8th day of January, 2018 (the "Effective Date"), by and <br />between the Mounds View Economic Development Authority, a public body corporate and <br />politic under the laws of Minnesota ("EDA") and INH Property Management, Inc., a Minnesota <br />corporation d/b/a INH Properties ("Developer") or its assigns: <br />WITNESSETH: <br />WHEREAS, the EDA desires to promote development of certain property owned by the <br />EDA which is lmown as Crossroad Pointe, located at 2390 and 2394 Mounds View Boulevard <br />and 2400 County Road H2, in the City of Mounds View, State of Minnesota, which property is <br />legally described and depicted in 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 for <br />development of an approximately 124 unit (one hundred percent) market -rate apartment building <br />(subject to Section 10 of this Agreement) on a portion of the Property ("Multi -family <br />Development"), which proposal is attached hereto as Exhibit C; and <br />WHEREAS, Developer is also proposing an approximately 15,000-20,000 square foot <br />Heartland Gun Club & Range on a portion of the property (the "Specialty Retail Development"), <br />which proposal is attached hereto as Exhibit B; and <br />WHEREAS, Developer, is proposing, as an alternate to or in conjunction with the Special <br />Retail Development, an approximately 3,000-5,000 square foot traditional retail portion of the <br />development (the "Traditional Retail Development"), which proposal is attached hereto as <br />Exhibit D; and <br />WHEREAS, the Development shall occur on the portion of the Property located at 2400 <br />County Road H2; and <br />WHEREAS, the EDA desires that the Traditional Retail Development and the Special <br />Retail Development, or another specialty use to be approved by the EDA, (collectively, the <br />"Retail Development") is constructed on the remaining portion of the Property; and <br />WHEREAS, the EDA desires that the development of all three parcels, consisting of <br />approximately 4.25 acres, and all of the phases of proposed development shall be completed in <br />their entirety by the end of 2020. <br />WHEREAS, the EDA and Developer are interested in discussing and further planning for <br />the Developer's proposal for the Development; and <br />1 <br />5112640 SJR MU205-46 <br />