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RAMSEY FUTURE BUSINESS PARK [DRAFT] MEMORANDUM OF UNDERSTANDING This Memorandum of Understanding is entered into by and between the City of Ramsey, Hageman Holdings, LLC and Pearson Properties of Ramsey, LLC on March 8, 2016. Recitals 1. Hageman Holdings, LLC and Pearson Properties of Ramsey, LLC (collectively, the "Owners") are the owners of vacant land in Ramsey along Bunker Lake Boulevard, west of Armstrong Boulevard, as shown on Exhibit A (the "Parcels"). 2. The Parcels are within an area designated by the City as a future business park. 3. The City's consultant, Bolton & Menck, completed an infrastructure analysis in 2015 to identify the costs associated with extending arterial infrastructure to the future business park and the surrounding area (the Preliminary Report). Such infrastructure includes streets, street lighting, trails, sanitary sewer, water and storm water utilities. It does not include internal roads and utilities. 4. The City also completed an Economic Development Analysis for the future business park. 5. The Owners are aware of the City's intentions with respect to the future business park and seek to develop their respective properties in a manner consistent with those intentions. 6. The Parties recognize the benefits of working together desire to pursue the successful development of the future business park and desire to set forth their understandings concerning certain details of that development. Terms 1. Purpose. This MOU is not a binding agreement, but does reflect the Parties' current intentions and understandings with respect to the manner in which the future business park is developed. The Parties understand and acknowledge the importance of such mutual understandings as they move forward with investing in the development of the future business park. 2. Cost Sharing. As set forth in the Preliminary Report and the Economic Development Analysis, the business park is anticipated to develop in three phases.