Agenda - Council Work Session - 02/10/2009

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cO " DEVELOPMENT~URCHASEAGREEMENT fI" This Agreement is made this Zcf-day of February, 2006 by and between the CITY OF RAMSEY, a Minnesota Municipal Corporation, 15153 Nowthen Boulevard N.W., Ramsey, Minnesota ("CITY") and RIVER'S BEND HOLDINGS, LLC, a Minnesota Limited Liability Company, 1923~ EvansStreet, Elk River, Minnesota ("R-H:'). .RECITALS WHEREAS, the CITY is the fee owner of the following described property, to-wit: i . i All that part of Government Lot 3, Section 25 and Government Lot 6, Section 36, all in Township 32, Range 25, Anoka County, Minnesota, described as follows: Commencing afthe most northerly corner of Lot 4, Block 1, RIVER'S BEND PLAZA 3rd ADDITION, according to said plat on file and of record in the office of the C01.U1ty Recorder, Anoka County, Minnesota; thence North 67 degrees 21 minutes 17 seconds East, assumed bearing along the easterly extension of the northerly line of said Lot 4, a distance.of66.02 feet to a line 66.00 feet easterly of and parallel with the easterly Line of said Lot 4; thence South 21 degrees 12 minutes 12 seconds East, along said parallel line, a distance of 110.00 feet to the point of beginning of the property to be. described; thence continuing South 21 degrees 12 minutes 12 seconds East, along said last described para1lelline and its southerly extension, a distance of 434.45 feet; thence Easterly, Southeasterly and Southerly a distance of 102.62 feet, along a non-tangential curve concave to the Southwesthaving a radius of 60.00 feet, a central angle of 97 degrees 59 minutes 52 seconds and a chord which bears South 56 degrees 27 minutes 57 seconds East; thence North 68 degrees 47 minutes 48 seconds East, not tangent to said last described curve, a distance of 109.32 feet; thence North 25 degrees 22 minutes 35 seconds East a distance of 134.43 feet; thence North 68 degrees 47 minutes 48 seconds East a distance of 126.75 feet; thence North 21 degrees 12 minutes 12 seconds West a distance of521.01 feet to the intersection with a line distant 66.00 feet southeasterly of and parallel with the Southeasterly line of RIVER'S BEND 2nd ADDITION, according to said plat on file and of record in the office of the C01.U1ty Recorder, Anoka County, Minnesota; thence South 78 degrees 28 minutes 02 seconds West, along said last described parallel line, a distance of76.27 feet; thence South 67. degrees 21 minutes 17 seconds West, along said last described para11elline, adistan.ce of200.91 feet; thence South 21 degrees 12 minutes 12 seconds East 110.00 feet; thence South 67 degrees 21 minutes 17 seconds West a distance of 110,00 feet to the point of beginning, (the "City Property"); and -7-