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DEVELOPMENT AGREEMENT <br /> <br /> THIS AGREEMENT, made as of the 1st day of , 1999, by <br />and between the City of Ramsey, Minnesota (the "City"), a <br />municipal corporation organized and existing under the laws of the <br />State of Minnesota and RAMSEY B&B L.L.C. (the "Developer"). <br /> <br />WITNESSETH: <br /> <br />WHEREAS, pursuant to Minnesota Statutes, Section 469.124 <br />through 469.134, the City has formed Development District No. 1 <br /> (the "Development District") and has adopted a development program <br />therefor (the "Development Program"); and <br /> <br /> WHEREAS, pursuant to the provisions of Minnesota Statutes, <br />Section 469.174 through 469.179, as amended, (hereinafter the "Tax <br />Increment Act"), the City has created, within the Development <br />District, Tax Increment Financing District No. (the "Tax <br />Increment District"), the legal description of which is attached <br />hereto as Exhibit A, and has adopted an amended and restated tax <br />increment financing plan, dated , 1999, therefor (the <br />"Tax Increment Plan") which provides for the use of tax increment <br />financing in connection with certain development within the <br />Development District; and <br /> <br /> WHEREAS, in order to achieve the objectives of the <br />Development Program and particularly to make the land in the <br />Development District available for development by private <br />enterprise in conformance with the Development Program, the City <br />has determined to assist the Developer with the financing of <br />certain costs of a Project (as hereinafter defined) to be <br />constructed within the Tax Increment District as more particularly <br />set forth in this Agreement; and <br /> <br /> WHEREAS, the City believes that the development and <br />construction of the Project, and fulfillment of this Agreement are <br />vital and are in the best interests of the City, the health, <br />safety, morals and welfare of residents of the City, and in <br />accordance with the public purpose and provisions of the <br />applicable state and local laws and requirements under which the <br />Project has been undertaken and is being assisted. <br /> <br /> NOW, THEREFORE, in consideration of the premises and the <br />mutual obligations of the parties hereto, each of them does hereby <br />covenant and agree with the other as follows: <br /> <br />1062445.4 <br /> <br /> <br />