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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 First Pheonix <br />Ramsey, LLC, a Minnestoa limited liability company ("PERMITTEE). <br />WHEREAS, PERMITTEE is platting land owned by Lord of Life Church and situated <br />within the city limits of the City, Anoka County, Minnesota, legally described as follows (the <br />"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 (the "Plat"). <br />(the "Property"). Subsequent to platting PERMITTEE shall have fee title ownership of Lot 2, <br />Block 1, Stoney River, Anoka County, Minnesota ("Lot 2"); and <br />WHEREAS, PERMIT FEE desires to construct an assisted living and memory care <br />facility on Lot 2 (the "Lot 2 Improvements"). PERMITTEE and CITY shall enter into a separate <br />contract regarding the construction of the Lot 2 Improvements; and <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 and the CITY have entered into a development permit for <br />obligations related to the site plan approval (the "Development Pei,uit'). <br />STONEY RIVER <br />Development Contract <br />Page 1 of 13 <br />