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Councilmember LeTourneau introduced the following resolution and moved for its adoption: RESOLUTION #15-08-213 RESOLUTION APPROVING DEVELOPMENT AGREEMENT BETWEEN PSG, LLC, 2-OI, LLC, AND THE CITY OF RAMSEY FOR RIVERDALE DRIVE EXTENSION TO TRAPROCK STREET WHEREAS, the City of Ramsey is extending Riverdale Drive to Traprock Street as part of City Improvement project #12-22; and WHEREAS, the extension of Riverdale Drive includes improvements benefiting the properties known as Outlot A Tooth Acres, currently owned by PSG, LLC, and Lot 1, Block 1 The Diamonds, currently owned by 2-OI, LLC; and WHEREAS, PSG, LLC; 2-OI, LLC; and the City of Ramsey are parties to a Memorandum of Understanding executed in 2014 that provides for the required roadway right of way, trail, drainage and utility easements needed to extend Riverdale Drive across the privately owned properties, and which defines tentatively agreed upon terms and conditions to allow definitive legally binding documents to be executed by the parties at a later date; and WHEREAS, PSG, LLC; 2-OI, LLC; and the City of Ramsey are entering into this Development Agreement for the purpose of formalizing and updating the terms and conditions set forth by the parties in the Memorandum of Understanding executed in 2014. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: 1) That the Ramsey City Council hereby approves the Development Agreement between PSG, LLC; 2-OI, LLC; and the City of Ramsey for the Riverdale Drive extension to Traprock Street. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Kuzma and upon vote being taken thereon, the following voted in favor thereof: Mayor Strommen Councilmember LeTourneau Councilmember Kuzma Councilmember Johns Councilmember Riley Councilmember Williams