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<br />CHESTNUT RIDGE 2ND ADDITION DEVELOPMENT AGREEMENT
<br />CITY OF RAMSEY
<br /> 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 Road
<br /> N.W., Coon Rapids, Minnesota 55433 (the "DEVELOPER").
<br />
<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 upon recording of the plat:
<br />Lots 1, 2 and 3, Block 1; Lots 1, 2 and 3, Block 2; Lots 1, 2, 3, 4, 5, and 6, Block 3; Lot
<br />1, Block 4; Lots 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15 and 16, Block 5; Ouflots
<br />A, B and C; CHESTNUT RIDGE 2ND ADDITION, Anoka County, State of Minnesota.
<br />WHEREAS, the CITY granted preliminary plat approval to the Plat on August 22, 1994
<br />and on August 22, 1995, adopted Resolution g95-08-174 granting a six (6) month to February 22,
<br />1996 for the preliminary plat of Chestnut Ridge 2nd Addition; and
<br /> WHEREAS, on January 9, 1996, pursuant to Resolution No. 96-01- , the CITY has
<br />approved the f'mal plat of the Subject Property which plat is known as CHESTNUT RIDGE
<br />2ND ADDITION (the "Plat"), which approval is in accordance with the preliminary plat for
<br />Chestnut Ridge2nd Addition approved on August 22, 1994 and which approval is contingent on
<br />certain requirements, including DEVELOPER and CITY entering into this Agreement; and
<br /> WHEREAS, the DEVELOPER intends to cause the construction of the following
<br />improvements in the Plat without financial participation on the part of the CITY, to-wit: Sanitary
<br />sewer, storm drainage facilities, watermains and appurtenances, and streets with concrete curb and
<br />gutter, which improvements are termed Stage I Improvements in the City Code ("Stage I
<br />Improvements"); and
<br /> WHEREAS, City Code Section 9.50.50 defines "Stage I"' Improvements and "Stage II"
<br />Improvements which respective definitions are used herein when reference is made to "Stage I"
<br />and "Stage Il" Improvements; and
<br /> WHEREAS, a trunk usage charge is required by the CITY for usage of its Trunk Sewer
<br />and Water System, which charge is $1563 per residential unit mated; and
<br /> WHEREAS, no expenditure of CITY funds will be made until the City Code escrow
<br />requirements have been completed by DEVELOPER; and
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