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CHESTNUT HILL 4TH ADDrrlON DEVELOPMENT AGREEMENT
<br />
<br /> CITY OF RAMSEY
<br /> ANOKA COUNTY, MINNESOTA
<br />
<br /> THIS AGREEMENT, made and entered into by and between the CITY OF
<br />RAMSEY, a municipal corporation of thc State of Minnesota (the "CITY"), and GOOD
<br />VALUE HOMES, INC., a Minnesota corporation, whose address is 1460 93rd Lane N.E.,
<br />Blaine, Minnesota 55434 (the "DEVELOPER").
<br />
<br /> WITNESSETH:
<br /> WHEREAS, the DEVELOPER is the fee owner of the following described property
<br />situated in the CITY OF RAMSEY, County of Amoka, State of Minnesota, and legally described
<br />as follows upon recording of the plat:
<br />
<br />Lots 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12 and 13, Block 1; Lots l, 2, 3, 4, 5, 6, 7, 8, 9,
<br />10, 11, 12 and 13, Block 2; and Lots 1, 2, 3, 4, 5 and 6, Block 3; Chestnut Hill 4th
<br />Addition, Anoka County, State of Minnesota.
<br />
<br /> WHEREAS, on June 8, 1993 pursuant to Resolution No. 93-06- , the CITY has
<br />approved the final plat of the Subject Property which plat is known as CHESTNUT HILL 4TH
<br />ADDITION (the "Plat"), which approval is in accordance with the revised preliminary plat for
<br />Chestnut Hill approved on April 13, 1993 and which approval is contingent on certain
<br />requirements, including DEVELOPER and CITY entering into this Agreement; and
<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 469.17z~ through 469.179 (collectively the "Acts"), both of which
<br />districts incorporate the subject property; and
<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 /> WHEREAS, the DEVELOPER intends tO cause 'ihe construction of the following
<br />improvements in the Plat without financial participation on the part of the CITY, to-wit: Sanitary
<br />sewer, storm drainage facilities, watermains and appurtenances, and streets with concrete curb and
<br />gutter, which improvements are termed Stage I Improvements in the City Code ("Stage I
<br />Improvements"); and
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