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DEVELOPMENT AGREEMENT <br />RIVERDALE DRIVE EXTENSION PROJECT <br />This Agreement is entered into by and between 2-0I, LLC, a Minnesota limited <br />liability company, PSG, LLC, a Minnesota limited liability company, and the City of <br />Ramsey, a Minnesota municipal corporation. <br />Recitals <br />1. The City is undertaking a road improvement project whereby Riverdale Drive <br />N.W. is being extended eastward to Traprock Street N.W. The project impacts the <br />following Torrens properties: <br />Property <br />Owner <br />Outlot A Tooth Acres <br />PSG, LLC <br />Outlot A The Diamonds <br />City of Ramsey <br />Outlot B Tooth Acres <br />County of Anoka <br />Lot 1 Block 1 The Diamonds <br />2-01, LLC <br />The properties are shown on Exhibit 1. <br />2. The project includes the partial filling of an existing storm water pond marked as <br />"E" on Exhibit 1, construction of a new storm water pond marked as "D" on <br />Exhibit 1, and associated storm water piping. <br />3. This Agreement formalizes and updates the terms and conditions set forth by the <br />parties in the Memorandum of Understanding executed in 2014. <br />NOW, THEREFORE, IN CONSIDERATION OF the foregoing, the mutual promises <br />and covenants contained in this Agreement, including the relinquishment of certain legal <br />rights, and other good and valuable consideration, the sufficiency and receipt are hereby <br />acknowledged, the Parties agree as follows: <br />Agreement <br />1. Recitals. The above recitals are incorporated within this Agreement. <br />2. Effective Date. The Effective Date of this Agreement is <br />, 2015. <br />