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PRELIMINARY AGREEMENT TO DEVELOP <br />BLOCKS 5 & 6 & OUTLOT F, TOWN CENTER GARDENS THIRD ADDITION <br />This Agreement to Develop (this "Agreement") is made effective S , <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 option to purchase real property located in the City <br />described as Blocks 5 and 6 and Outlot F, Town Center Gardens Third Addition, Anoka <br />County, Minnesota (the "Development Property"). <br />B. Developer proposes to construct 50 workforce rental housing townhomes on the <br />Development Property preliminarily described on the attached Exhibit A (the "Project"). <br />C. To facilitate construction of the Project, Developer requests the vacation of 147th Circle <br />N.W. located within Town Center Gardens Third Addition, the contribution of Outlot C <br />Town Center Gardens Third Addition, as well additional support as set out in this <br />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 an Amended and Restated Development Agreement <br />regarding the Plat (the "Development Agreement"), a copy of which is attached hereto <br />as Exhibit B and incorporated herein. <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 preliminary agreements of the City and <br />Developer 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 preliminarily shown on Exhibit A to this Agreement. <br />b. The Project proposal contains a community building and an on -site management <br />office/maintenance facility; on -site play area sized and fully equipped for the <br />P:\DATA\I 1620\001\PDC Ramsey Agreement (REDLINED 3-2).doc <br />4/19/2012 <br />