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ARTICLE II <br />DEFINITIONS <br />Section 2.1 Definitions. Capitalized word and phrases used in this Development <br />Agreement have the following meanings: <br />DEVELOPMENT AGREEMENT <br />The parties to this Development Agreement are The Housing and Redevelopment <br />Authority in and for the City of Ramsey, Minnesota a public body politic and corporate under the <br />laws of the State of Minnesota (the "HRA "); the City of Ramsey, Minnesota (the "City "), a home <br />rule charter city organized and existing under the constitution and laws of the State of Minnesota <br />and F & C Ramsey, LLC, an Indiana limited liability company ( "Developer "). This <br />Development Agreement is dated, for reference purposes, and is effective as of January 31, 2011 <br />(the "Effective Date "). <br />ARTICLE I <br />RECITALS <br />WHEREAS, the HRA owns the Development Property. <br />WHEREAS, the Development Property is located in the Development District. The City <br />established the Development District on August 27, 1985 pursuant to Minnesota Statutes, <br />Sections 469.124 through 469.134. The City adopted the Development Program for the <br />Development District on August 27, 1985, and the City has amended it from time to time. The <br />most recent amendments to the Development Program were adopted on or about January 23, <br />2007. <br />WHEREAS, Developer wants to acquire the Development Property from the HRA and <br />develop and operate the Development Property, but Developer has determined that it cannot <br />acquire the Development Property and develop the Project without financial assistance from the <br />City and the HRA. <br />WHEREAS, the HRA and the City are entering into this Development Agreement with <br />Developer to further the objectives of the Development Program and, particularly, to make the <br />Development Property available for development by private enterprise in conformance with the <br />Development Program. <br />WHEREAS, the City believes that the Project and the fulfillment of this Agreement are <br />in the best interests of the City and further the health, safety, morals and welfare of residents of <br />the City and that the Project has been undertaken and is being assisted in accordance with a <br />public purpose and the provisions of the applicable state and local laws and requirements. <br />2695614v8 <br />12/17/10 <br />