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DEVELOPMENT AGREEMENT FOR <br />CROSSROADS CENTER EAST <br />THIS AGREEMENT is made and entered into this day of , 2007, by and <br />between the Cityof Hastings, a Minnesota Municipal Corporation ("City") and Crossroads Mall Inc., <br />a Minnesota Corporation ("Developer"); and <br />WHEREAS, Developer proposes to plat certain property in the City of Hastings, Dakota <br />County, Minnesota, which plat is proposed to be called: <br />Crossroads Center East <br />and is hereafter referred to as "Subject Property"; and <br />WHEREAS, Developer plans to undertake the development and construction of a <br />commercial development on the Subject Property; and <br />WHEREAS, public hearings have been held providing an opportunity for input by the <br />neighbors and other interested persons; and <br />WHEREAS, the Hastings City Council has approved the Developer's proposed commercial <br />development, subject to Developer entering into this Development Agreement and otherwise <br />complying with all conditions of city council approval; and <br />WHEREAS, Developer is signing this Development Agreement fully expecting to bind its <br />1 <br />