CC RES 03-097 A RESOLUTION RELATING TO THE REDEVELOPMENT OF PROPERTY IN REDEVELOPMENT PROJECT AREA NO. 3 AND AUTHORIZING THE PREPARATION, EXECUTION AND DELIVERY OF A REDEVELOPMENT AGREEMENT AND RELATED AGREEMENTS

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0ORSEY • Vacant Parcel around Taco 31-30-23-34-0015 I -Commercial Bell Pond behind Cub Foods 31-30-23-31-0028 1-Commercial Pond Behind Mini Mall 31-30-23-31-0033 1 -Commercial Cub Foods I-Commercial Apache Squares 31-30-23-33-0001 IA—For Sale Housing Apache Office 31-30-23-33-0011 IA—For Sale Housing JA Cadwallader Office 31-30-23-33-0012 IA—For Sale Housing Bakers Square &Parking Lot 31-30-23-33-0013 IIA—Housing 31-30-23-33-0014 Don's Car Wash 31-30-23-33-0005 IIA -Housing Firestone 31-30-23-33-0006 IIB—Town Homes Ed's Carwash 31-30-23-33-0010 IIB—Town Homes Vacant parcel on Stinson Blvd 31-30-23-33-0018 IIB—Town Homes Fuel Mart 31-30-23-33-0003 IIC—Housing Carwash on Stinson Blvd 31-30-23-33-0004 IIC -Housing The Agreement provides that Development is to occur as follows: Square Development Desired Start Development Footage/#of Time Frame Date Default Date Units Phase I Big Box 142,000 Sq/Ft 2004 -2005 Spring 2004 June 1, 2005 • Phase I Retail 56,000 Sq/Ft 2004-2005 Spring 2004 June 1, 2005 Phase I Office 25,000 Sq/Ft 2004-2005 Spring 2004 June 1, 2005 Phase I SAV Il 8,800 Sq/Ft 2004-2005 Spring 2004 June 1,2005 Phase I Market Rate 220 Units 2004-2006 Fall 2004 July 1, 2005 Apartments Phase IA Urban Flats 128 Units 2004-2006 Fall 2004 July 1, 2005 Phase IB Urban Flats 128 Units 2005-2007 Fall 2005 July 1, 2006 Phase IIA 80 Units 2005-2007 Fall 2005 July 1, 2006 Senior Co-Op IIB 26 Units 2005-2006 Fall 2005 July 1, 2006 3-Story Town Homes Phase IIC Urban Flats 80 Units 2006-2007 Fall 2006 July 1, 2007 TOTAL N/A N/A N/A N/A Each Phase will be subject to customary City land use controls and approvals, including one or more PUD Agreements and approval of Final Plans and Final Plats. 2. Assignment to Development Parties The Developer is solely responsible under the Agreement if and until its interest are assigned to another developer with approval by the HRA. The Developer currently intends to assign its interests to the Commercial Development to St. Anthony Retail Development, LLC, which has ownership evenly divided between the Developer and St. Anthony Partners, LLC, an entity associated with Robert Muir. Approval of this assignment will be sought simultaneously with • approval of the Agreement. Further assignments could be made with consent of the HRA 2 DORSEY 8 WHITNEY LLP