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CITY' OF 1LAMSEY <br /> <br />MASTER DEVELOPtV[ENT A:GREEMENT <br /> <br />FOR 1L43/ISEY TOWN CENTER. <br /> <br /> THIS M. ASTER DEVELOPlvI~NT AG1KEE1ViENT (the "Master Agreement"), is ma/de, <br />entered into and effective as of the day of September, 2003, by and between the CITY <br />OF 1L43VlSEY, a Mirmesota municipal corpQration and a home rule charter city (the "City") and <br />1L42vlSE¥ TOWN CENTER LLC, a Minnesota limited liability company (the "Developer"). <br />Subject to the terms and conditions of th.is Master Agreement, and in reliance upon the <br />representations, warranties and covenants of the parnes herein contained, the City and the <br />Developer hereby agree as follows: <br /> <br /> ARTICLE 1 <br />RECIT?~LS AND GLrl]DING PRINCIPLES <br /> <br /> 1.1 The City and the Developer have entered into a Memorandum. of Understanding <br />dated April 11, 2003 providing prehrninary g-uidelines for the creation and execution of this <br />Master A~eement. Th/s Master A~eement supersedes the Memorandum of Understanding. As <br />set forth in Section 12.3, the City and the Developer agree that the Memorandum of <br />Understanding is hereby terminated and shall have no fm-ther force or effect. <br /> <br /> 1.2 The City has created the Town Center District under the Zoning Ordinance and <br />the City will create a Town Center Review Board, as contemplated in the Zoning Ordinance. <br />The City agrees to appoint the members of the Town Center Review Board within 90 days after <br />the date hereof. <br /> <br /> 1.3 The City has determined that the Developer's Master Development Plan is <br />consistent with the City's Comprehensive Plan and with the RTC Ordinance. " <br /> <br /> 1.~ On August 12, 2003, the CounciI approved the Developer's Preliminary Plat for <br />the Subject Property subject to the con4itions subsequent set forth in the resolution approving the <br />Preliminary Plat. The Developer has submitted the Master Final. Plat to the City for review and <br />approval. <br /> <br /> 1.5 The CiU and the Developer intend that the Subject Property will be developed <br />and used as the RTC Project in accordance with the RTC Controls. <br /> <br /> 1.6 The City and the Developer a~ee that the Developer may seek to create <br />Development throu~ the use of one or more Secondary Developers; and that Secondary <br />Developers may increase the benefits to the City through increased Development. <br /> <br /> 1.7 The C'iry and the Developer acl,mowledge that the following principals have <br />influenced the discussions and negotiations leading up to this Master Ag-reement and expect that <br /> <br />1555730v13 <br /> <br /> <br />