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AGREEMENT TO DEVELOP <br />BLOCKS 5 & 6 & OUTLOT F, TOWN CENTER GARDENS THIRD ADDITION <br />This Agreement to Develop (this "Agreement") is made effective <br />2012, by and between the City of Ramsey, Minnesota, a municipal corporation under the laws <br />of the State of Minnesota (the "City") and Podawiltz Development Corporation, a Minnesota <br />corporation (the "Developer"). <br />Recitals. <br />A. Developer represents that it has an agreement to purchase real property located in the <br />City in the plat of Town Center Gardens Third Addition, including Blocks 5 & 6, as well as <br />Outlot F, Ramsey County, Minnesota (the "Development Property"). <br />B. Developer proposes to construct 50 workforce rental housing townhomes on the <br />Development Property approximately described on the attached Exhibit A (hereafter <br />referred to as the "Project"). <br />C. To facilitate the construction of the Project, Developer requests the vacation of 147th <br />Circle N.W. located within Town Center Gardens Third Addition, the contribution of <br />Outlot C Town Center Gardens Third Addition, as well additional support as set out in <br />this Agreement. <br />D. The City desires to facilitate the Project based upon its goals of seeing the Development <br />Property fully utilized, providing for additional construction within the City, increasing <br />local property tax base and creating necessary workforce housing. <br />E. The City previously entered into a Development Agreement concerning Amended and <br />Restated Development Agreement recorded as Document No. (the <br />"Development Agreement"). <br />F. Developer agrees as part of the Project to complete the terms of the Development <br />Agreement relating to the Development Property. <br />G. This Agreement is intended to set out certain agreements of the City and Developer <br />relating to the Development Property. <br />In consideration of the mutual promises contained in this Agreement, the parties agree <br />as follows: <br />1. Developer to Construct 50 Townhome Units. <br />a. Developer proposes to construct as part of the Project, 50 workforce townhome <br />rental units as approximately shown on Exhibit A to this Agreement. <br />F:ADATA\11620\001\PDC Ramsey Agreement.doc <br />3/28/2012 <br />