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<br />DEVELOPMENT/PURCHASE AGREEMENT
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<br />This Agreement is made this Z 0' day of February, 2006 by and between the CITY OF
<br />RAMSEY, a Minnesota Municipal Corporation, 15153 Nowthen Boulevard NX, Ramsey,
<br />Minnesota. ( "CITY"} and RIVER'S BEND HOLDINGS, LLC, a Minnesota Limited Liability
<br />Company, 19230 Evans Street, Elk River, Minnesota ( "RH.').
<br />RECITALS
<br />WHEREAS, the CITY is the fee owner of the following described property, to -wit:
<br />All that part of Government Lot 3, Section 25 and Government Lot 6, Section 36, all in
<br />Township 32, Range 25, Anoka County, Minnesota, described as follows:
<br />Commencing at the most northerly comer of Lot 4, Block 1, RIVER'S BEND PLAZA 3"
<br />ADDITION, according to said plat on file and of record in the office of the County Recorder,
<br />Anoka County, Minnesota; thence North 67 degrees 21 minutes 17 seconds East, assumed
<br />bearing along the easterly extension of the northerly line of said Lot 4, a distance of 66.02 feet to
<br />a line 66,00 feet easterly of and parallel with the easterly Line of said Lot 4; thence South 21
<br />degrees 12 minutes 12 seconds East, along said parallel line, a distance of 1 10,00 feet to the
<br />point of beginning: of the property to be described; thence continuing South 21 degrees 12
<br />minutes 12 seconds East, along said last described parallel line and its southerly extension, a
<br />distance of 434,45 feet; thence Easterly, Southeasterly and Southerly a distance of 102,62 feet,
<br />along a non - tangential curve concave to the Southwest having a radius of 60,00 feet, a central
<br />angle of 97 degrees 59 minutes 52 seconds and a chord which-bears. South 56 degrees 27 minutes
<br />57 seconds East; thence North 68 degrees 47 minutes 48 seconds East, not tangent to said last.
<br />described curve, a distance of 109.32 feet; thence North 25 degrees 22 minutes 35 seconds East a
<br />distance of 134.43 feet; thence North 68 degrees 47 minutes 48 seconds East a distance of 126,75
<br />feet; thence North 21 degrees 12 minutes 12 seconds West a distance of 521,01 feet to the
<br />intersection with a line distant 66,00 feet southeasterly of and parallel with the Southeasterly line
<br />of RIVER'S BEND 2n ADDITION, according to said plat on file and of record in the office of
<br />the County Recorder, Anoka County, Minnesota; thence South 78 degrees 28 minutes 02'
<br />seconds West, along said last described parallel line, a distance of 76.27 feet; thence South 67
<br />degrees 21 minutes 17 seconds West, along said.last described parallel line, a distance of 200.91
<br />feet; thence South 21 degrees 12 minutes 12 seconds East 110,00 feet; thence South 67 degrees
<br />21 minutes 17 seconds West a distance of 110,00 feet to the point of beginning,
<br />(the "City Property "); and
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