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CITY OF RAMSEY
<br />ANOKA COUNTY, MINNESOTA
<br />DEVELOPMENT AGREEMENT . RIVENWICK
<br />
<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 FAYE
<br />CONSTRUCTION COMPANY, A MINNESOTA PARTNERSHIP, whose address is 2905
<br />North Ferry Street, Anoka, Minnesota, 55303, (hereinafter referred to as "DEVELOPER A")
<br />and RIVENWlCK CORPORATION, A MINNESOTA CORPORATION, whose address is
<br />2605 Fernbrook Lane, Suite A, Plymouth, Minnesota 55447, (hereinafter referred to as
<br />"DEVELOPER B"). Jointly, DEVELOPER A and DEVELOPER B shall be known as the
<br />"DEVELOPERS".
<br />
<br />WITNESSETH:
<br />
<br /> WHEREAS, DEVELOPER A 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 />
<br />Lots 1, 2, 3, 4, 5, and 6 of Block 1; Lots 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, and 12 of Block
<br />2; Lots 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20 and 21 of
<br />Block 3; Lots 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, and 12 of Block 4; Outots A, B, C, D, E, F,
<br />G, H, and I; RIVENWICK, Anoka County, Minnesota
<br />
<br />the "Subject Property"; and
<br />
<br /> WHEREAS, on July 28, 1992, pursuant to Resolution 92-07-181, the CITY approved
<br />the final plat of the Subject Property which plat is known as RIVENWlCK (the "Plat")
<br />contingent on certain requirements, including DEVELOPERS and CITY entering into this
<br />contract; and
<br />
<br /> WHEREAS, the final plat for the Subject Property conforms to the preliminary plat for
<br />Faye 2nd Addition (aka Rivenwick) as approved by the CITY on April 23, 1991; and
<br />
<br /> WHEREAS, no expenditure of CITY funds, will be made until the City Code escrow
<br />requirements have been fulfilled by DEVELOPERS; and
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