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<br />2 <br />MU205\52\637644.v8 <br />EXHIBIT A <br /> <br />PRELIMINARY DEVELOPMENT AGREEMENT <br /> <br />MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br />AND <br />MWF PROPERTIES, LLC <br />PRELIMINARY DEVELOPMENT AGREEMENT <br />THIS AGREEMENT, dated this 12th day of April, 2021 (the “Effective Date”), by and <br />between the Mounds View Economic Development Authority, a public body corporate and politic <br />under the laws of Minnesota (“EDA”) and MWF Properties, LLC, a Minnesota limited liability <br />company (“Developer”) or its assigns: <br />WITNESSETH: <br />WHEREAS, the EDA desires to promote development of certain property partially owned <br />by the EDA which is located at 4889 Old Highway 8, in the City of Mounds View, State of <br />Minnesota (“Project Area”), with the EDA-owned property being legally described and depicted <br />in Exhibit A attached hereto (“Property”); and <br />WHEREAS, Developer, or a special purpose entity to be formed by the Developer for the <br />purpose of completing this project, has submitted or is in the process of submitting a proposal for <br />development of an approximately 96-unit workforce housing complex at the Project Area and on <br />the Property (“Development”), which proposal is attached hereto as Exhibit B including a site plan <br />for the Development (“Site Plan”) which is attached hereto as Exhibit C; and <br />WHEREAS, the Development is part of a larger redevelopment of the Project Area, the <br />Property and adjacent parcels that are being subdivided together pursuant to the plat of SKYLINE <br />ADDITION (the “Plat”); and <br />WHEREAS, the Developer agrees to cooperate and work with the EDA and multiple <br />adjacent present and future parcel owners in developing and effectuating the Plat and creation of <br />multiple developable parcels, as well as redefining lot lines of adjacent parcels, as further defined <br />in Section 10; and <br />WHEREAS, the Development shall occur on the Property located at 4889 Old Highway 8 <br />for which the Developer shall pay the EDA the purchase price of $1,550,000; and <br /> <br />WHEREAS, the EDA and Developer are interested in discussing and further planning for <br />the Developer’s proposal for the Development; and <br />WHEREAS, the Developer has indicated that it may seek business subsidy assistance or <br />financial incentives from the City and/or the EDA to make the Development feasible; and <br />WHEREAS, the EDA will need to determine if various studies, as may be determined to <br />be reasonably necessary, should be conducted, including without limitation an environmental