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REDEVELOPMENT CONTRACT This Agreement is made as of July 27, 1993, by and between the HOUSING AND REDEVELOPMENT AUTHORITY OF ST. ANTHONY, MINNESOTA, a public body corporate and politic (the "HRA"), and R.A. HELLICKSON, a Minnesota resident ("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, known as Redevelopment Project No. 3 (the 'Redevelopment Project") in the area in the City encompassing the Apache Plaza Shopping Center located at 37th Avenue North and Silver Lake Road and certain adjacent property (the "Project Area"); 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, dated August 25, 1992, as amended by art amendment thereto dated March 23, 1993 (as so amended, the "Redevelopment Plan"); and WHEREAS, on March 23, 1993 the City Council adopted a resolution establishing a portion of the Project Area as a tax increment financing district; and WHEREAS, the major objectives of the Redevelopment Plan are to: promote and secure the prompt renovation of the property in the Project Area; promote and secure additional employment opportunities for residents of the City and surrounding area; correct storm water run-off problems from property in the Project Area; and halt the decline and secure increase in the value of taxable property in the Project Area; and WHEREAS, in order to achieve the objectives of the Redevelopment Plan, the HRA intends to provide aid and assistance to the Redeveloper through tax increment financing, as described in Minnesota Statutes, Sections 469.174 through 469.179 to finance the cost of the acquisition by the Redeveloper of property located in the Project Area at 3901 Silver Lake Road, on which the Redeveloper will construct a professional building; and