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DEVELOPMENT AGREEMENT <br /> THIS AGREEMENT, made and entered into as of this day of October, 2001, by <br /> and among the CITY OF ORONO, a Minnesota municipal corporation having its principal <br /> office at 2750 Kelley Parkway, Orono, Minnesota(the "City"), the ORONO HOUSING <br /> AND REDEVELOPMENT AUTHORITY, a body corporate and politic having its principal <br /> office at 2750 Kelley Parkway, Orono, Minnesota(the "HRA") and ORONO SENIOR <br /> HOUSING, LLC, a Minnesota limited liability company (the "Developer"). <br /> WITNESSETH: <br /> WHEREAS, the Developer, the City and the HRA contemplate that the Developer and <br /> Dunbar will develop the property described in Exhibit A hereto (the "Development <br /> Property") as a 62-unit apartment building for seniors (the "Project"); and <br /> WHEREAS, the Developer will cause the Development Property to be acquired and <br /> conveyed to the HRA under the terms and conditions of Section 3.3 hereof; and <br /> WHEREAS, the HRA will lease the Development Property to the Developer for use <br /> as senior housing pursuant to the Ground Lease attached hereto as Exhibit B (the "Ground <br /> Lease"); and <br /> WHEREAS, the HRA will issue its Tax Increment Revenue Note in the form of <br /> Exhibit C hereto (the "TIF Note") in payment of a portion of the costs of acquiring the <br /> Development Property; and <br /> WHEREAS, the balance of the costs of the Project will be financed by the issuance by <br /> the City of its Multifamily Senior Housing Revenue Bonds (Orono Woods Project), Series <br /> 2001A (the "Housing Bonds") and its Subordinate Multifamily Senior Housing Revenue <br /> Note (Orono Woods Project), Series 2001B (the "Subordinate Housing Note") to be issued as <br /> described in Section 3.1 hereof; and <br /> WHEREAS, the HRA has created and established Tax Increment Financing District <br /> No. 1-1 as a housing tax increment financing district (the "TIF District") and a coterminus <br /> Housing Project Area No. 1 pursuant to a development program and a tax increment <br /> financing plan (the "TIF Plan") adopted pursuant to Minnesota Statutes, Sections 469.001 <br /> through 469.047 and Sections 469.174 through 469.179 (collectively, the "Acts"); and <br /> WHEREAS, the Project and the TIF Note are contemplated and authorized by the TIF <br /> Plan; and <br /> 1 <br />