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ATTACHMENT 2 <br /> • MOUNDS VIEW HOUSING REPLACEMENT PROGRAM <br /> PARTICIPATION AGREEMENT <br /> THIS AGREEMENT is made and entered into this 26th day of August , 1997 , by <br /> and between the ECONOMIC DEVELOPMENT AUTHORITY IN AND FOR THE CITY OF <br /> MOUNDS VIEW, a body corporate and politic under the laws of the State of Minnesota, having <br /> its principal office at 2401 Highway 10, Mounds View, MN 55112 (EDA) and <br /> Loren Hansen Construction , a Minnesota , having its <br /> principal office at 11073 Xylon Avenue North. Champlin. MN 55316 . (Developer) <br /> In consideration of the mutual covenants and obligations of the EDA and the Developer, the <br /> parties do hereby covenant and agree as follows: <br /> 1. The Developer agrees to pay$500 to the EDA for the rights to participate in <br /> redevelopment of a property owned by the EDA in accordance with the guidelines of the <br /> Mounds View EDA's Housing Replacement Program. <br /> 2. In return for$500, the receipt of which from the Developer is hereby acknowledged by <br /> the EDA, the EDA grants to the Developer the exclusive right to enter into a contract to <br /> redevelop the property located at 8265 Spring Lake Road and legally described as <br /> • The West 218 feet of the North 53 feet of Lot 34 and the South 27 feet of the West 218 <br /> feet of Lot 35, Auditor's Subdivision No. 89. Ramsey County. Minnesota in accordance <br /> with the Mounds View EDA's Housing Replacement Program. This right will expire on <br /> September 26 , 19 97 , unless,prior thereto, the Developer and the EDA have <br /> executed a Contract for Private Development with regard to the property. <br /> 3. The EDA agrees to negotiate in good faith with the Developer regarding redevelopment <br /> of the property but nothing contained in this Agreement shall require the EDA to enter <br /> into a Contract for Private Development if, at the EDA's sole discretion, it deems such <br /> not to be in its best interests. <br /> 4. The fee paid by the Developer to the EDA in connection with this Agreement for <br /> participation in the EDA's Housing Replacement Program is non-refundable and non- <br /> transferable to any other property or site owned by the EDA. <br /> DEVELOPER EDA <br /> By: By: <br /> Its President <br /> • Its By: <br /> Its Executive Director <br />