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11.23.2022 <br />EXHIBIT B <br />DEVELOPMENT PROPOSAL — TERM SHEET <br />This Term Sheet is intended to set forth the general terms upon which the parties hereto <br />may be willing to enter into a Development Agreement. Except for Section 10 below (which shall <br />be binding upon the Developer), this Term Sheet shall not be deemed conclusive or legally <br />binding upon either party and neither party shall have any obligations regarding the property <br />defined below unless and until a definitive Development Agreement or Contract for Private <br />Development is approved by the EDA and executed by both parties. <br />1. Developer: Reuter Walton <br />2. Property: 2310 Mounds View Blvd (PID: 83023310075) <br />3. Key Business Terms — Developer: <br />a. Execution of Development Agreement or Contract for Private Development <br />b. Preparation and Submittal of Construction Plans and receipt of Building Permit <br />c. Obtain all land use approvals, permits necessary to construct the project, and <br />payment of customary City fees including park dedication fees estimated at <br />$490,000 <br />d. Secure Low Income Housing Tax Credits from Minnesota Housing <br />4. Key Business Terms — EDA: <br />a. Creation of a new Tax Increment Financing District for the project, subject to <br />qualification as a Housing Tax Increment District <br />b. Drafting and execution of Development Agreement or Contract for Private <br />Development <br />5. Minimum Improvements: Construction of a 4-story building with approximately 140 units <br />of affordable rental housing and related amenities. <br />6. Schedule: Close on financing by July 7, 2023, Commence construction by August 1, 2023, <br />and Complete construction by April 30, 2025. For the purpose hereof, "Commence" shall <br />mean beginning of physical improvement to the Property, including demolition, grading, <br />excavation, or other physical site preparation work. "Complete" shall mean that the <br />Minimum Improvements are sufficiently complete for the issuance of a Certificate of <br />Occupancy. <br />7. Public Assistance: Subject to all terms and conditions of the Development Agreement or <br />Contract for Private Development, the EDA will reimburse the Developer through <br />Available Tax Increment for up to a total of approximately $1,817,000 (Present Value) of <br />B-1 <br />MU205\59\835592.v10 <br />