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CHESTNUT RIDGE 3RD ADDITION
<br /> DEVELOPMENT AGREEMENT
<br />CITY OF RAMSEY, ANOKA COUNTY, MINNESOTA
<br />
<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").
<br />
<br />WlTNESSETH:
<br />
<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, 9, 10, 1I, 12 and 13, Block I; Lots 1, 2, 3, and 4,
<br />Block 2~'Lots 1, 2, 3, and 4, Block 3; Lots 1, 2, 3, 4, 5, 6, 7, 8, and 9, Block 4;
<br />Lots 1, 2, 3, 4, 5, 6, 7, 8, and 9, Block 5; and Lots 1, 2, 3, 4, and 5, Block 6;
<br />CHESTNUT RIDGE 3RD ADDITION, Anoka County, Minnesota.
<br />
<br />(the "Subject Property"); and
<br />
<br /> WHEREAS, on July 9, 1996, pursuant to Resolution No. 96-07- , the CITY
<br />approved the final plat of the Subject Property which plat is known as CHESTNUT
<br />RIDGE 3RD ADDITION (the "Plat"), which approval is contingent on certa/n
<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 Chestnut Ridge 2nd Addition approved by the CITY on August 22, 1994 and a
<br />revision approved 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 $1563 per residential unit created; and
<br />
<br /> WHEREAS, the DEVELOPER intends to cause the construction of the
<br />following improvements in the Plat without f'mancial participation on the part of the CITY,
<br />to-wit: Sanitary sewer, storm drainage facilities, watermaJns and appurtenances, and streets
<br />with concrete curb and gutter, which improvements are termed Stage I Improvements in the
<br />City Code ("Stage I Improvements"); and
<br />
<br /> WHEREAS, City Code Section 9.50.50 defines "Stage I" Improvements and
<br />"Stage II" Improvements which respective definitions are used herein when reference is
<br />made to "Stage I" and "Stage II" Improvements; and
<br />
<br /> WHEREAS, the DEVELOPER desires to constuct the Stage t and Stage li
<br />improvements, except for those Stage II Improvements consnmcted by the CITY; and
<br />
<br /> WHEREAS, no expenditure of CITY funds will be made until the City Code
<br />escrow requirements have been completed by the DEVELOPER.
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