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45 SENIOR RENTAL HOUSING REDEVELOPMENT AGREEMENT THIS REDEVELOPMENT AGREEMENT (this "Agreement') is made and entered into this day of 2012, among the CITY OF SAINT ANTHONY, MINNESOTA, a Minnesota statutory city (the "City"), the HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF SAINT ANTHONY, MINNESOTA, a public body corporate and politic organized and existing under the laws of the State of Minnesota (the "Authority"), and ST. ANTHONY LEASED HOUSING ASSOCIATES II, LIMITED PARTNERSHIP, a Minnesota limited partnership (the "Developer"). RECITALS WHEREAS, the City and the Authority have identified an area located in the northwest portion of the City (the "Northwest Quadrant") for study regarding the area's decline and opportunities for potential redevelopment; and WHEREAS, the Authority hired consultants and appointed a citizen -based task force to develop a planning framework for redevelopment of the Northwest Quadrant; and WHEREAS, the consultants and task force developed the Northwest Quadrant Redevelopment Study (the "Northwest Quadrant Plan', dated July 2001, which describes the planning process, the existing conditions and provides redevelopment options for the Northwest Quadrant; and WHEREAS, the City and the Authority reviewed the Northwest Quadrant Plan, and the various findings contained therein, and pursuant to Minnesota Statutes, Sections 469.001 through 469.047 (the "Act"), the Authority has previously formed a redevelopment project designated as the Northwest Quadrant Redevelopment Project to implement the Northwest Quadrant Redevelopment Study; and WHEREAS, a portion of the property in the Northwest Quadrant Redevelopment Project is included in Redevelopment Project Area No. 3 (the "Project Area") established by the Redevelopment Plan for Redevelopment Area No. 3 of the Authority as modified (as so modified the "Redevelopment Plan"). A major component of the Redevelopment Plan is to redevelop blighted areas, prevent the emergence of blight, and foster an increase in commercial development providing jobs, create new rental housing, particularly low and moderate income rental housing, and create new for sale housing appropriate for various life stages of the City's residents and not currently available in the City; and WHEREAS, under Minnesota Statutes, Sections 469.174 through 469.1799, as amended (the "TIFAct"), the Authority is authorized to finance certain qualified redevelopment costs of a redevelopment project with tax increment revenues derived from a tax increment financing district established within a redevelopment project area; and WHEREAS, the City and the Authority have held public hearings to consider the need and desirability for adoption of a tax increment financing plan and the creation and establishment