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CHESTNUT tlILL 5Ttt ADDITION DEVELOPMENT AGREEMENT
<br />CITY OF RAMSEY
<br /> 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 Road
<br />N.W., Coon Rapids, Minnesota 55433 (the "DEVELOPER").
<br />
<br /> WlTNESSETH:
<br /> WHEREAS, the DEVELOPER and BENJAMIN J, DEEMER are the fee owners of
<br />the following described proper~y situated in the CITY OF RAMSEY, County of Anoka, State of
<br />Minnesota, and legally described as follows upon recording of the plat:
<br /> Lots 1, 2, 3, 4, 5, 6, 7, 8, 9 and 10, Block 1; Lots 1, 2, 3, 4, 5, 6 and 7, Block 2; Outlot
<br /> A; Chestnut Hill 5th Addition, Anoka Count),, State of Minnesota.
<br />(the "Subject Property")
<br /> WHEREAS, on July 26, 1994, pursuant to Resolution No. 94-07- , the CITY has
<br />approved the final plat of the Subject Property which plat is known as CHESTNUT HILL 5TH
<br />ADDITION (the "Plat"), which approval is in accordance with the revised preliminary plat for
<br />Chestnut Hill approved on July 26, 1994 and which approval is contingent on certain
<br />requirements, including DEVELOPER and CITY entering into this Agreement; and
<br /> ~THEREAS, the DEVELOPER herein attests to 'the fact that wetlands do exist on the
<br />Subject Property; and
<br />
<br /> WHEREAS, the CITY established Development District No. 1 and Tax Increment
<br />Financing District No. 5 pursuant to the authority ~anted in Minnesota Statutes Sections 469.124
<br />through 469.134 and Section 469.174 through 469.179 (collectively the "Acrs"), both of which
<br />districts incorporate the subject proper'q,.,; and
<br /> WHEREAS, pursuant to the Acts, the CITY has adopted a Development District
<br />Program and a Tax Increment Financing Plan to finance all or a portion of the public improvement
<br />development costs of the Development District; 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 :12I" Improvements; and
<br /> WHEREAS, a trunk usage charge is required by the CITY for usage of its Trunk Sewer
<br />and Water System, and said charge has been assessed on the Subject Property in conjunction with
<br />the Chestnut Hill Deuelopment A~eement; and
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