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1 518333v9 DTA MU205-47 PURCHASE AND DEVELOPMENT AGREEMENT This Purchase and Development Agreement (the “Agreement”) is made and entered into this ___ day of June, 2018, by and between the Economic Development Authority of Mounds View, a public body corporate and politic under the laws of Minnesota, having its principal office at 2401 Mounds View Boulevard, Mounds View, Minnesota 55112 (the “Authority”) and Boulevard Apartments, Limited Partnership, a Minnesota limited partnership, having its principal office at 7645 Lyndale Avenue South, Minneapolis, Minnesota 55423 (the “Developer”). WITNESSETH: WHEREAS, the Authority has initiated efforts to acquire that certain real property legally described in Exhibit A attached hereto (the “Property) for the sole purpose of conveying it to the Developer and consistent with all the terms, conditions and requirements of that certain Real Estate Option Agreement (the “Option Agreement”) entered into by the parties on or about February 26, 2018; and WHEREAS, the Developer has identified the Property and adjacent land as a desired location to develop a 60-unit affordable housing complex (the “Project”); and WHEREAS, the Developer has entered into or will enter into that separate Contract for Private Development (“CPD”) with the Authority containing various requirements with respect to the Project; and WHEREAS, pursuant to the Option Agreement, the Developer is required to also enter into this Agreement, outlining the terms and conditions of the Developer’s acquisition of the Property from the Authority and the platting thereof; and WHEREAS, in accordance with the terms and conditions of this Agreement, the Property shall be conveyed by the Authority pursuant to Minnesota Statutes, section 469.105 for the Project; and WHEREAS, the conveyance of the Property by the Authority to the Developer shall be subject to the following terms and conditions: