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RJV-184370v2 <br />MU210-48 1 <br />CONTRACT FOR PRIVATE DEVELOPMENT <br /> <br /> <br /> THIS AGREEMENT is made and entered into as of this _____________ day of <br />___________, 2000, by and between the City of Mounds View, a municipal corporation under <br />the laws of the State of Minnesota (the "City"), located at 2401 Highway 10, Mounds View, <br />Minnesota 55112-1499, and Meridian Properties Redevelopment, LLC, d/b/a TOLD <br />Development Company, a Minnesota limited liability company (the “Developer”), located at <br />_____________________________________, Minnesota _____. <br /> <br />RECITALS <br /> <br /> WHEREAS, the City is the owner in fee simple of the parcel of land (“Parcel A") located <br />in the City of Mounds View, County of Ramsey, State of Minnesota, and legally described in <br />Exhibit A. <br /> <br /> WHEREAS, the Developer is the owner in fee simple of the parcel of land (“Parcel B") <br />located in the City of Mounds View, County of Ramsey, State of Minnesota, and legally <br />described in Exhibit B. <br /> <br /> WHEREAS, the Developer wishes to acquire and develop Parcel A as retail and <br />restaurant space (the “Project”); and <br /> <br />WHEREAS, the Developer has offered to exchange Parcel B and provide other <br />consideration as provided herein in return for the City’s property and right to develop the same in <br />accordance with this Agreement; and <br /> <br /> WHEREAS, the Developer has requested approval of a planned unit development and has <br />submitted information and plans detailing the Project (“Project Plan”); and <br /> <br /> WHEREAS, the Developer has proposed a development ("Development") which the City <br />believes will promote and carry out the objectives of the City, and will be in the best interests of <br />the City; and <br /> <br /> WHEREAS, the Developer proposes to construct on Parcel A a Walgreens and a <br />restaurant, with an estimated market value collectively of $__________; and <br /> <br /> WHEREAS, the Developer is willing to purchase and develop Parcel A in accordance <br />with this Agreement; and <br /> <br /> WHEREAS, the City desires to convey Parcel A to Developer, subject to the terms of this <br />Agreement. <br /> <br />NOW, THEREFORE, in consideration of the mutual covenants and obligations of the <br />City and the Developer, each party does hereby represent, covenant and agree with the other as <br />follows: <br />