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CHESTNUT HILL 2ND ADDITION DEVELOPMENT AGREEMENT <br /> <br /> CITY OF RAMSEY <br /> <br /> ANOKA COUNTY, MINNESOTA <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 GOOD <br />VALUE HOMES, INC., a Minnesota corporation, whose address is 1416 93rd Lame N.E., <br />Blaine, Minnesota 55434 (the "DEVELOPER"). <br /> <br /> WlTNESSETH: <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 upon recording of the plat: <br /> <br />Lot 1, 2, 3, 4, 5 and 6, Block 1; Lot 1, 2, 3, 4, 5 and 6, Block 2; Lot 1, 2, 3, 4, 5, and 6, <br />Block 3; Outlot A; Outlot B; Chestnut Hill 2nd Addition, Anoka County, State of <br />Minnesota. <br /> <br /> WHEREAS, on June 23, 1992, pursuant to Resolution No. 92-06-~, the CITY has <br />approved the final plat of the Subject Property which plat is known as CHESTNUT HILL 2ND <br />ADDITION (the "Plat"), which approval is contingent on certain requirements, including <br />DEVELOPER and CITY entering into this Agreement; and <br /> <br /> WHEREAS, the CITY established Development District No. 1 and Tax Increment <br />Financing District No. 5 pursuant to the authority granted in Minnesota Statutes Sections 469.124 <br />through 469.134 and Section 469.174 through 469.179 (collectively the "Acts"), both of which <br />districts incorporate the subject property; and <br /> <br /> WHEREAS, pursuant to the Acts, the CITY has adopted a Development District <br />Program and a Tax Increment Financing Plan to finance all or a portion of the public improvement <br />development costs of the Development District; and <br /> <br /> WHEREAS, the extension of sewer and water and installation of street lights to the <br />Subject Property was accomplished with the Stage I improvements in Chestnut Hill; and <br /> WHEREAS, all streets, excepting a portion to service Lots 5 and 6 of Block 3 and Lot 6 <br />of Block 2 have been installed; and <br /> WHEREAS, a trunk usage charge is required by the CITY for usage of its Trunk Sewer <br />and Water System, which charge is $1357 per residential unit created; and <br /> <br /> <br />