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MEMORANDUM OF UNDERSTANDING <br /> <br /> /I -~ ,T~I-LIS Memorandum of Understanding (this "Memorandum") is entered into this 1 i'rg~day <br />of ~-r~l~ ./1_, 2003,.by and between the City of Ramsey, a municipal corporation under the laws' <br />of the State of Minnesota ("the City") and Ramsey Town Center LLC, a Minnesota limited <br />liability company and Nedegaard Construction Company, Inc., a Minnesota corporation <br />("collectively the Developer"). <br /> <br /> RECITALS <br /> <br /> A. The Developer has p~posed a mixed use development project on real estate <br />consisting of approximately 320 acres\ located in the City legally described on the attached <br />exhibit A with the project to be known as the Ramsey Town Center ("Town Center"). <br /> <br /> B. The City.and Developer desire that the Town Center become a focal point in the <br />City and the surrounding communitY. <br /> <br /> C. The Developer and the City are mutually committed to the development of the <br />Town Center. <br /> <br /> ,, D. The Developer as owne~...a.f-,, the land comprising the Town Center proposes to be <br />the designated" or "master" devetop~;-t~the Town Center. <br /> <br /> E. Developer and the City wi~h to assure that the TOwn Center will be completed in <br />an orderly and timely fashion, ar~.d that the c3~-{emplated investments in the Town Center by the <br />Developer and the City will be proiected, preserved, and enhanced. <br /> <br /> F. Notwithstanding ahything herein to the contrary, the City, as a municipal <br />corporation, is bound by law to comply with allX'of its City Code regulations, City Development <br />Policies and all other relevant Federal and State 'statutes, rules and regulations. <br /> <br /> G. The 'purpose of this Memorandum is to provide a preliminary guideline to the <br />parties for consummation of a linal " '. ' <br /> agreement in the form of a-Development Agreement with <br />regard to the Town Center. This Memorandum is ini~nded to provide the parties with initial. <br />terms and conditions with which to consummate the Development Agreement and to form the <br />basis for further negotiations between them. This Memorandum is NON-BINDING on either <br />party. <br /> <br />GUIDING PRINCIPALS <br /> <br /> 1) Entry into Development Agreement. The City and the Developer will in. good <br />faith negotiate with a view to entry into one or more development agreement(s) consistent with <br />City regulations and which will provide for, amongst other matters the following: <br /> <br />a) The definition, location, and placement of Developer improvements. <br /> <br />b) The definition, location, and placement of City improvements. <br /> <br />03-27-03 <br />121070977v4 820716 17[} <br /> <br /> <br />