Agenda - Council - 11/12/2013 - Laserfiche WebLink

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III11111111 IIIII111111111111111II111IIII II1I Record iD 1523709 Execution Version 481898.006 ALLOCATION AGREEMENT FOR THE MASTER DEVELOPMENT AGREEMENT RAMSEY TOWN CENTER Partners `title, LW . - 00 South Sixth Street Quito 1300 tviinneapolis, MN 55402 THIS ALLOCATION AGREEMENT ("Agreement"), is made and entered into as of December 22, 2004, by and between RAMSEY TOWN CENTER LLC, a Minnesota limited liability company ("Master Developer"), RAMDANCE LLC, a Minnesota limited liability company ("Secondary Developer") and CITY OF RAMSEY, a Minnesota municipal corporation ("City"). RECITALS: A. Master Developer and the City have entered into that certain Master Development Agreement for Ramsey Town Center, dated September 17, 2003, recorded September 24, 2003 as Document No. 1854364 (Anoka County Abstract) and Document No. 446333 (Anoka County Torrens) (the "Master Development Agreement"). B. Master Developer and Secondary Developer have entered into a purchase agreement dated March 18, 2004, a first amendment to purchase agreement dated April 5, 2004, and a second amendment to purchase agreement dated September 21, 2004 (collectively, "Purchase Agreement") for the purchase of approximately thirty (30) acres of land located at the southeast corner of the intersection of Sunwood Drive and Armstrong Boulevard, in the City of Ramsey, County of Anoka, State of Minnesota. C. A portion of the property subject to the Purchase Agreement that consists of approximately 9.5 acres and is legally described as Outlot I, Ramsey Town Center, is being purchased by the Secondary Developer under the Purchase Agreement for retail development that includes a grocery store ("Property"). D. The Master Development Agreement provides certain rights and obligations and assesses certain costs of the Ramsey Town Center development against the Property. E. Pursuant to Section 14.1(a) of the Master Development Agreement, the Master