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City of Ramsey <br />Parkview East LLC TIF Agreement Outline <br />TIF District #14 — COR <br />1. Developer: Parkview East LLC <br />2. Property: Existing location: <br />Description: <br />East Ramsey Parkway and Rhinestone Street NW <br />Outlot A, RAMSEY TOWN CENTER 11TH ADDITION, <br />Anoka County, Minnesota <br />-or upon recording - <br />Lot 1, Block 1 and Outlot A, COR PARKVIEW <br />ADDITION, Anoka County, Minnesota <br />Parcel: PID #28-32-25-42-0017 (subject to re -platting) <br />3. Developer Conditions: <br />a. <br />b. <br />c. <br />d. <br />Execution of TIF Agreement and City Development Agreement <br />Construct project in accordance with all laws <br />Obtain all necessary permits, licenses and approvals <br />Developer will not seek a reduction in the market value as determined by the <br />Anoka County Assessor of the Project <br />4. City Conditions: <br />a. <br />b. <br />c. <br />d. <br />Apply tax increments from existing TIF District #14 — COR <br />City approval of Construction Plans <br />Execution of Development Agreement <br />City determination that Developer has sufficient financial means to construct <br />Minimum Improvements <br />5. Project: <br />a. 121 units of market rate rental housing <br />b. Developer shall include in the Project the following amenities: <br />(i) <br />The entrance lobby shall include a fire place, couches, and <br />chandeliers <br />(ii) Construction of a park, including a playground, of not less than <br />3,000 square feet <br />(iii) Onsite work out room <br />(iv) Onsite community room <br />(v) Granite countertops in all units, wood blinds, stainless steel <br />appliances, solid wood cabinetry, full size in -unit washers and <br />dryers, vinyl plank wood flooring covering a minimum of 15% of <br />the total square footage of each unit, and energy efficient <br />windows. <br />6. Construction Schedule: The construction of the Project will be substantially completed <br />by June 30, 2017, subject to Unavoidable Delays. <br />7. Public Assistance: Subject to all terms and conditions of the TIF Agreement, the City will <br />reimburse Developer for up to $500,000 (present value) for the Site Improvements. <br />