Agenda - Economic Development Authority - 01/07/2016

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Summary of Agreements: Hageman Holdings WORKING DRAFT (subject to change) Background Hageman Holdings owns 171 acres of raw land located just west of Armstrong Boulevard on the north and south side of Bunker Lake Boulevard in the City of Ramsey. In 2011, the City of Ramsey entered into a development agreement with Hageman Holdings for roughly 64.26 acres of land that was anticipated for use by a new Legacy Christian Academy campus ("Lot 1, Block 1"). Additionally, in December of 2010, the City of Ramsey approved a plat ("Alpha Development Plat") to guide the development of the Hageman Holdings property. The purpose of this document is to provide a summary of agreements made between the City of Ramsey and Hageman Holdings for the development 64.26 acres of their total 171 acre tract of land. The impetus behind this research is the potential development of Outlot B (Alpha Development Plat) into a future business park (45.1 acres of land). Agreements 1. Alpha Development Plat: December 2010 o Provides a spatial layout of Hageman Holdings property; which includes legal lot lines, right-of-ways, easements, etc (i.e. legal, recorded, map). o Identifies which parcels are anticipated for development and which parcels will remain undeveloped. NOTE: land scheduled for development is required to pay City development fees. o At the time of plat approval, Hageman Holdings indicated only 64.26 acres of land would be developed (Legacy Christian Academy). Therefore, City development fees were only charged for 64.26 of the 171 total acres of land. Hageman Holdings will be responsible for development fees on the remaining outlots at the time of development. o NOTE: the total area of the Legacy Christian Academy site is closer to 90 acres. However, development fees were charged on 62.26 acres because a large portion of land is under the 100 year flood elevation. 2. Development Agreement: May 2011 o This is a general legal agreement that lays out the responsibilities and expectations for a property owner and the city as development occurs; which includes development fees, required escrows, stage I and II improvements responsibilities, assessment/financing agreements, requirements for a certificate of occupancy, etc. WORKING DRAFT (subject to change)