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CITY OF RAMSEY <br />ANOKA COUNTY, MINNESOTA <br />DEVELOPMENT AGREEMENT EBONY WOODS <br />THIS AGREEMENT, made and entered into by and between the CITY OF RAMSEY, <br />a municipal corporation under the laws of the State of Minnesota (the "CITY "), and <br />TIMOTHY E. HOLM AND NANCY E. HOLM (the " DEVELOPER "), husband and wife, <br />whose address is 17762 97 Street, Becker, MN 55308 <br />WITNESSETH: <br />WHEREAS, the DEVELOPER is the fee owner of the following described property <br />situated in the CITY OF RAMSEY, County of Anoka, State of Minnesota, and legally described <br />as follows: <br />That Part of Lot 1, Block 1, Riverview Bowl Lying Southerly of Westerly Extension of North <br />Line Lot 2 Side Block 1, Together With Lot 3, Block 4 Riverside West, Subject to Easement of <br />Record <br />-or upon recording- <br />Lots 1, 2 and 3, Block 1 Ebony Woods <br />(the "Subject Property"); and <br />WHEREAS, on June 10, 2008, pursuant to Resolution No. 08-06- , the CITY <br />approved final plat of the Subject Property, which plat is known as Ebony Woods (the <br />"Plat "), which approval is contingent on certain requirements, including the DEVELOPER and <br />the CITY entering into this Agreement; and <br />WHEREAS, the final plat for the Subject Property conforms to the sketch plan; and <br />WHEREAS, the CITY requires certain improvements to be constructed within the Plat, <br />which improvements are defined as Stage I and Stage II Improvements in the City Code; and <br />WHEREAS, no expenditure of CITY funds will be made until the relevant City Code <br />escrow requirements have been completed by the DEVELOPER. <br />NOW, THEREFORE, the CITY and DEVELOPER agree as follows: <br />Ebony Woods <br />Development Agreement <br />June 2008 <br />Page 1 of 7 <br />—149— <br />