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DRAFT NOT APPROVED <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 the Heartland Gun Club & Range <br />component of the development will be 100% financed privately and is not asking for any business <br />subsidies; and <br />WHEREAS, Developer had indicated that it may seek business subsidy assistance from the <br />City of Mounds View ("City") and/or the EDA to make the apartment and traditional retail portion <br />of the Development 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 necessary <br />for the Development), an economic impact study (if determined by the City or EDA to be necessary <br />for the Development), and <br />WHEREAS, the City and the EDA will continue to discuss and negotiate with Developer <br />land costs and other fees required for the successful completion of the Development; and <br />WHEREAS, the City and the EDA are willing to discuss with Developer available public <br />subsidies for the Development; and <br />WHEREAS, various ordinance, land use, zoning, and subdivision issues and actions related <br />to the Development and the Property are required to be approved by the City in order to facilitate <br />the Development by the Developer; and <br />WHEREAS, EDA agrees to cooperate with the Developer to review and process various <br />ordinance, land use, zoning, and subdivision issues and actions related to the Development and the <br />Property in order to facilitate the Development by the Developer; and <br />WHEREAS, EDA is willing to consider and Developer is desirous to undertake the <br />Development if (i) a satisfactory agreement can be reached regarding EDA's commitment for <br />public costs, if any, necessary for the Development; (ii) satisfactory mortgage and equity <br />financing, or adequate cash resources for the Development can be secured by Developer; and (iii) <br />the feasibility and soundness of the Development and other necessary preconditions have been <br />determined to the satisfaction of the parties. <br />NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and <br />obligations set forth herein, the parties agree as follows: <br />1. Future Negotiations. <br />The parties agree to continue negotiations in an attempt to formulate a definitive plan for <br />review and approval of all land use, zoning and subdivision approvals and any necessary <br />development agreements or contracts based on the following: <br />2 <br />