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[DRAFTI <br /> <br /> ciTY OF RAMSEY <br /> <br />MASTER DEVELOPMENT AGREEMENT <br /> <br />FOR RAMSEY TOWN CENTER <br /> <br /> THIS MASTER DEVELOPMENT AGREEMENT (the "Master Agreement"), .is made, <br />entered into and effective as of the __ day of ., 2003, by and between the <br />CITY OF RAMSEY, a Minnesota municipal corporation (the "City") and RAMSEY TOWN <br />CENTER LLC, a Minnesota limited liability company (the "Developer"). Subject to the terms <br />and conditions of this Master Agreement, and in reliance upon the representations, warranties <br />and covenants of the parties herein contained, the City and the Developer hereby agree as <br />follows: <br /> <br /> ARTICLE 1 <br />RECITALS AND GUIDING PRINC~LES <br /> <br /> l.. 1 The City and the Developer have entered into a Memorandum of Understanding <br />dated April 11, 2003 providing preliminary guidelines for the creation and execution of this <br />Master Agreement. This Master Agreement supersedes the MemOrandum of Understanding. <br />The City and the Developer agree that the Memorandum of Understanding is hereby terminated <br />and shall have no further force or effect. <br /> <br /> 1.2 The City has created the Town Center District under the Zoning Ordinance and <br />the City will create a Town Center Review Board, as contemplated in the Zoning Ordinance. <br />The City agrees to appoint the members of the Town Center Review Board within 90 days after <br />the date hereof. <br /> <br /> 1.3 The City has determined that the Developer's Master Development Plan is <br />consistent with the City's Comprehensive Plan and with the RTC Ordinance. <br /> <br /> 1.4 on August 12, 2003, the Council approved the Developer's Preliminary Plat for <br />the Subject Property subject to the conditions subsequent set forth in the resolution approving the <br />Preliminary Plat. The Developer must submit the proposed Master Final Plat to the Council <br />within 30 days after the date of this Master Agreement, and must record the Master Final Plat by <br />October 31, 2003. The City Council is currently scheduled to review and approve the Master <br />Final Plat on September 9, 2003. <br /> <br /> 1.5 The City and the Developer intend that the Subject Property will be developed <br />and used as the RTC Project in accordance with the RTC Controls. <br /> <br /> 1.6 The City and the Developer agree that the Developer may seek to create <br />Development through the use of one or more Secondary Developers; and that Secondary <br />Developers may increase the benefits to the City through increased Development. <br /> <br /> <br />