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DRAFT 10.15.2007 320252v2 SJR MU205-38 (for now) 1 CITY OF MOUNDS VIEW, MINNESOTA PRELIMINARY DEVELOPMENT AGREEMENT THIS AGREEMENT is made this _____ day of _____________, 2007, by and between City of Mounds View, Minnesota, a municipal corporation under the laws of Minnesota, the Mounds View Economic Development Authority, a body politic and corporate under the laws of Minnesota (hereinafter together the "City") and Master: Engineering, Real Estate & Construction, a Minnesota corporation ("Developer"). WITNESSETH: WHEREAS, City desires to promote development of certain property within the City, which property is legally described in Exhibit A attached hereto (the "Property"); and WHEREAS, Developer has submitted a proposal (the "Proposal") for development of the Property which proposal is attached hereto as Exhibit B in response to the City’s Request for Qualifications (the “RFQ”); and WHEREAS, City has determined that it is in City's best interest that the Developer be designated sole developer of the Property during the term of this Agreement; and WHEREAS, City and Developer are willing and desirous to undertake the development if (i) a satisfactory agreement can be reached regarding Developer’s acquisition of the City’s Property; (ii) satisfactory mortgage and equity financing, or adequate cash resources for the development can be secured by Developer; (iii) a satisfactory agreement can be reached regarding Developer’s intent to acquire neighboring property identified as the former Robert’s Sports Bar, which property is legally described in Exhibit C attached hereto ("Roberts"); and (iv) the economic feasibility and soundness of the development and other necessary preconditions have been determined to the satisfaction of the parties. NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and obligations set forth herein, the parties agree as follows: 1. Negotiations between the parties shall proceed in an attempt to formulate a definitive development contract ("Contract") based on the following: (a) City’s planning study (the “Study”) of the project area, attached as Exhibit D, which shows the scope of the proposed Development in its latest form as of the date of this Agreement, together with any changes or modifications required by City; (b) a mutually satisfactory Contract to be negotiated and agreed upon in accordance with negotiations contemplated by this Agreement;