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ALPACA ESTATES 4TH ADDITION <br />DEVELOPMENT AGREEMENT <br />CITY OF RAMSEY <br />ANOKA COUNTY, MINNESOTA <br />293911 <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 ALPACA <br />ESTATES, a Minnesota Partnership, whose address is 7807 142nd Avenue N.W., Ramsey, MN <br />55303, (the "DEVELOPER"). <br />WITNESSETH: <br />WHEREAS, the DEVELOPER is the fee owner of the following described property <br />situated in the CITY OF RAMSEY, County of Anoka, State of Minnesota, and legally described <br />as follows: <br />Lots 1, 2, 3, 4, 5, 6 and 7, Block 1; Lots 1, 2, 3 and 4, Block 2; Outlot A; Alpaca Estates <br />4th Addition, Anoka County, Minnesota <br />("Subject Property"); and <br />WHEREAS, on October 8, 1996, pursuant to Resolution No. 96-10-304, the CITY has <br />approved the final plat of the Subject Property, which plat is -known as ALPACA ESTATES 4TH <br />ADDITION (the "Plat"), which approval is contingent on certain requirements, including <br />DEVELOPER and CITY entering into this Agreement; and <br />WHEREAS, no expenditure of CITY funds will be made until the City Code escrow <br />requirements have been completed by DEVELOPER; 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 II" Improvements. <br />NOW, THEREFORE, the CITY and DEVELOPER agree as follows: <br />I. <br />STAGE I IMPROVEMENTS AND FINANCIAL GUARANTEES: <br />1. City Code Compliance. The DEVELOPER will develop the Plat in accordance with <br />City Code, Section 9.50, entitled "Subdivision". <br />