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REDEVELOPMENT CONTRACT This Agreement is made as of February 10, 1998,by and between the HOUSING AND REDEVELOPMENT AUTHORITY OF ST. ANTHONY, MINNESOTA, a public body corporate and politic (the "HRA") and ALAN CHAZIN HOMES, INC., a Minnesota corporation ("Redeveloper"). WITNESSETH: WHEREAS, the HRA was created pursuant to state law now codified as Minnesota Statutes, Sections 469.001 through 469.047 (the"Act") and was authorized to transact business and exercise its powers by a resolution of the City Council of the City of St. Anthony (the"City') adopted on July 14, 1981; and WHEREAS,in furtherance of the objectives of the Act, the HRA has undertaken a program for the clearance and redevelopment of blighted,vacant and unused areas of the City and in this connection is engaged in carrying out a redevelopment project as defined in Minnesota Statutes, Section 469.002, Subdivision 12 (the "Redevelopment Project"); and WHEREAS, as of the date of this Agreement there has been prepared and ' approved by the HRA and the City Council pursuant to the Act a redevelopment plan for the Redevelopment Project (the"Redevelopment Plan"); and WHEREAS, the Redeveloper has proposed to redevelop a portion of the c property included in the area subject to the Redevelopment Plan (the"Project Area") and the Redeveloper has requested that the HRA provide financial aid and assistance to such project; and WHEREAS, the HRA believes that redevelopment of a portion of the Project Area pursuant to this Agreement is in the best interests of the City and benefits the health, safety, morals and welfare of its residents, and complies with the applicable state and local laws and requirements under which the Redevelopment Project has been undertaken and is being assisted. NOW,THEREFORE,in consideration of the foregoing premises and the mutual obligations set forth in this Agreement, the parties hereto hereby agree as follows: