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11.23.2022 <br />MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br />AND <br />REUTER WALTON DEVELOPMENT, LLC <br />PRELIMINARY DEVELOPMENT AGREEMENT <br />THIS AGREEMENT, dated this day of November, 2022 (the "Effective Date"), by <br />and between the Mounds View Economic Development Authority, a public body corporate and <br />politic under the laws of Minnesota ("EDA") and Reuter Walton Development, LLC, a Minnesota <br />limited liability company ("Developer") or its assigns: <br />WITNESSETH: <br />WHEREAS, the EDA desires to promote development of certain property currently owned <br />by private parties which is located at 2310 Mounds View Boulevard, in the City of Mounds View, <br />State of Minnesota, which property is legally described and depicted in Exhibit A attached hereto <br />("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 four-story, 140-unit affordable residential rental housing -- <br />apartment building in addition to one level of underground parking on a portion of the Property <br />("Development"), which the terms of such proposal are attached hereto as Exhibit B; and <br />WHEREAS, the Development requires that the Property be subdivided pursuant to the plat <br />of WOODALE APARTMENTS (the "Plat"); and <br />WHEREAS, the Developer agrees to cooperate and work with the EDA and City in <br />developing and effectuating the Plat; and <br />WHEREAS, the Development shall occur on the Property located at 2310 Mounds View <br />Boulevard; and <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 is seeking business subsidy assistance or <br />financial incentives from the City and/or the EDA to make the Development feasible; and <br />WHEREAS, the EDA and/or the City will need to determine if any studies, as may be <br />determined to be reasonably necessary, should be conducted, including without limitation an <br />environmental impact or related study, an infrastructure feasibility study, an economic impact <br />study, and any other studies which are either required by law or deemed appropriate by the EDA <br />and/or City; and <br />WHEREAS, the EDA will continue to discuss and negotiate with the Developer regarding <br />the overall development of the Property; and <br />MU205\59\835592.v 10 <br />