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ILD <br /> EXCLUSIVE NEGOTIATIONS AGREEMENT <br /> • THIS AGREEMENT dated this day of , 1997 by <br /> and between THE CITY OF MOUNDS VIEW, MINNESOTA, a municipal corporation under <br /> the laws of Minnesota (the "City") and THE MOUNDS VIEW ECONOMIC DEVELOPMENT <br /> AUTHORITY, a body corporate and politic under the laws of Minnesota ("EDA") and <br /> ANTHONY PROPERTIES, a Texas corporation (the "Developer"): <br /> WITNESSETH: <br /> WHEREAS, the City and EDA desire to promote rehabilitation and development of the <br /> existing building surrounding site currently owned by the City and commonly referred to as the <br /> Bel Rae Ballroom site (the "Bel Rae Property"); and <br /> WHEREAS, the Developer has proposed to redevelop the City-owned land immediately <br /> adjacent to the Bel Rae Building and two additional parcels with all necessary parking <br /> improvements (the "Project") and undertake other work on the Project property legally described <br /> at Exhibit A; and <br /> WHEREAS, the Project is within the boundaries of Tax Increment Financing (TIF) <br /> District No. 4 which the City and EDA have established; and <br /> WHEREAS,the City and EDA have reviewed the Project and concur that the Developer <br /> • has been designated to prepare a more detailed proposal for the Project pursuant to such terms <br /> and conditions as may be established by further negotiations during the term of this Agreement <br /> between the parties; and <br /> WHEREAS, the City, EDA and the Developer are willing and desirous to undertake the <br /> Project, provided that: • <br /> (a) a satisfactory agreement can be reached between the parties to establish the <br /> level of public assistance through tax increment financing to be provided by the City and <br /> EDA to the Developer to help finance certain costs associated with the Project; <br /> (b) the Developer can secure satisfactory private financing sufficient for the <br /> completion of the Project; <br /> (c) a satisfactory agreement can be reached between the parties to establish the <br /> eligible or qualified uses for the public assistance to be provided by the City and EDA. <br /> to the Developer; and <br /> (d) the City and EDA are satisfied that the Project is economically feasible and <br /> in the best interests of the public. <br /> • NOW, THEREFORE, in consideration of the mutual covenants of the parties hereto, IT <br /> IS AGREED between the parties as follows: <br /> D.ici7s14 1 <br /> mu2o5-6 <br /> _ 'Z 3Mvd OLES4C=9=QI Nr7^b1.1 <br />