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DEVELOPMENT AGREEMENT <br />TI IIS AGREEMENT, made and cnlercd inio as of this__day of October, 2001, by <br />and among the CITY OF ORONO. a Minnesota municipal corporation having its principal <br />ofTice at 2750 Kelley Parkway, Orono, Minnesota (the "City-), the ORONO HOUSING <br />AND REDEVELOPMENT AtmiORm', 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 conicmplate 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 w ill 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 Leiise attached hereto as E.xhibit B (the "Ground <br />Lease"); and <br />WHEREAS, the HRA will issue its Tax Incamient Revenue Note in the form of <br />E.xhibit C hereto (the "TIP 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 w ill 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. I 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 />W HEREAS, the Project :ind the TIF Note are contemplated and authorized by the TIF <br />Plan; and