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REGENCY POND 3RD ADDITION
<br /> DEVELOPMENT AGREEMENT
<br />CITY OF RAMSEY, ANOKA COUNTY, MINNESOTA
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<br /> THIS AGREEMENT, made and entered into by and between the CITY OF
<br />RAMSEY, a municipal corporation of the State of Minnesota (the "CITY"), and GOOD
<br />VALUE HOMES, INC., a Minnesota corporation, whose address is 9445 East River
<br />Road N.W., Coon Rapids, Minnesota 55433 (the "DEVELOPER").
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<br />WITNESSETH:
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<br /> WHEREAS, the DEVELOPER is the fee owner of the following described
<br />property situated in the CITY OF RAMSEY, County of Anoka, State of Minnesota, and
<br />legally described as follows:
<br />
<br />Lots 1, 2, 3, 4, 5, 6, 7, 8 and 9, Block 1; Lots 1, 2, 3, 4, 5, 6, 7, 8 and 9, Block 2;
<br />Lots 1, 2, 3 and 4, Block 3; Lots 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11 and 12, Block 4;
<br />Lots 1, 2, 3, 4, 5 and 6, Block 5; Lots l, 2, 3, 4, 5, 6, 7, 8, 9, 10 and 11, Block 6;
<br />REGENCY POND 3RD ADDITION, Anoka County, Minnesota.
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<br />(the "Subject Property"); and
<br />
<br /> WHEREAS, on October 14, 1997, pursuant to Resolution No. 97-10- , the
<br />CITY approved the final plat of the Subject Property which plat is known as REGENCY
<br />POND 3RD ADDITION (the "Plat"), which approval is contingent on certain
<br />requirements, including the DEVELOPER and the CITY entering into this Agreement;
<br />and
<br />
<br /> WHEREAS, the final plat for the Subject Property conforms to the preliminary
<br />plat for Regency Pond approved by the CITY on March 12, 1996; and
<br />
<br /> WHEREAS, the DEVELOPER herein attests to the fact that there are wetlands
<br />located on the Plat; and
<br />
<br /> WHEREAS, a trunk usage charge is required by the CITY for usage of its Trunk
<br />Sewer and Water System, which charge is $1621 per residential unit created; and
<br />
<br /> WHEREAS, the DEVELOPER intends to cause the construction of the
<br />following improvements in the Plat without financial participation on the part of the
<br />CITY, to-wit: Sanitary sewer, storm drainage facilities, watermains and appurtenances,
<br />and streets with concrete curb and gutter, which improvements are termed Stage I
<br />Improvements in the City Code ("Stage I Improvements"); and
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