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CITY OF RAMSEY <br />DEVELOPMENT CONTRACT <br />FOR STONEY RIVER <br />This CONTRACT dated this day of , 2011, and is by and between the <br />CITY OF RAMSEY, a Minnesota municipal corporation (the "CITY"), and LORD OF LIFE <br />("PERMITTEE"), a Minnesota non-profit corporation having an address of <br />WHEREAS, PERMITTEE, is the owner of fee title to land situated within the city <br />limits of the City, Anoka County, Minnesota, legally described as follows (the "Property"): <br />That part of the Southeast Quarter of the Northwest Quarter of Section 25, Township <br />32, Range 25, lying westerly of the center line of Trunk Highway No. 47, except part <br />platted as Birch Hill Lodges, also except part platted as CIC No. 129 Birch Hill <br />Lodges, together with that part of the Northeast Quarter of Southwest Quarter of said <br />section lying westerly of center line of Trunk Highway No. 47 and lying north and <br />northeast, Anoka County, Minnesota. <br />-or upon recording of the Plat contemplated herein - <br />Lots 1 & 2, Block 1, Stoney River, Anoka County, Minnesota. <br />(the "Property") <br />WHEREAS, desires to construct an assisted living and memory care on the <br />Property. <br />WHEREAS, on July 26, 2011, pursuant to Resolution No. 11-08- , the CITY <br />approved the final plat of the Property, which plat is known as STONEY RIVER (the "Plat"), <br />which approval is contingent on certain requirements, including PERMITTEE and the CITY <br />entering into this Contract; and <br />WHEREAS, the CITY requires that certain improvements be constructed on the <br />Property, which improvements (collectively, the "Improvements") are defined in this Contract <br />and <br />WHEREAS, PERMITTEE desires to construct certain Stage I and Stage II <br />Improvements in accordance with the Plat and plans approved by PERMITTEE and the CITY; <br />and <br />WHEREAS, PERMITTEE understands that the CITY will expend no CITY funds <br />until PERMITTEE has complied with the relevant escrow requirements in the Code of <br />Ordinances of the CITY. <br />NOW, THEREFORE, the CITY and PERMITTEE agree as follows: <br />STONEY RIVER <br />Development Agreement <br />Page 1 of 12 <br />