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Develoim~nut A~reement 1~; and between the City of Ramsey, Minnesota (City), <br />and River's Bend Properties, ,~:~ Minnesota partnership organized under the laws <br />of the State of .Minnesota (De;,eloper)~ <br /> <br /> WT~EREAS, Develope. z is o%ne3~ of certain real property situated in Anoka <br />County, Minnesota, located J.n the City of Ramsey, the legal description of <br />which real property is attached hereto as Exhibit "A" and which property is <br />hereinafter referred to ~%s 's~]bject property"; and <br /> <br /> WHERFAS~ the City ~s app~'oved the plat, of the subject property which <br />plat is known as RIVER'S BEND PLAZA, which plat has been approved by the City <br />as a Planned U~.j.t Developmfnt (PUD), and is hereafter referred to as "the <br />plat"; and <br /> <br /> WHEREAS,. City Cod~ Section 170o039B defines "Stage I" Improvements and <br />"Stage II" Impr(~ements wl~.c~ definition is used herein when reference is made <br />to "Stage I~ ar~-I "Stage Il~ ],'~orovements; and <br /> <br /> WHEREAS~ the City by its improvement projects ~84-12 and ~84-18 has <br />installed the r~quired Stage t jmprov~nents and assessed the cost of the same <br />against the subject prope~rty; aI:!d <br /> <br /> WHERF2~ the origirm! C]~? assessment levied against the subject property <br />for improvement project,s ~84-12 and ~84-18 was $ ' ; and <br /> <br /> WHKREkg~ t)~e original a.~sessment has been reduced by installments paid <br />with real estate taxes due J~ 1986; and <br /> <br /> W~mRF2~ tJ.~e Dev(~[oper 1.as requested and the City has agreed to use tax <br />incr~uent funds to participa~ e in site improvements on the subject property and <br />these site impr.~v~ments incl%cle grading, drainage, construction of turn lanes <br />from State Hj.g~ay $47.~ oarbJng~ security lighting and landscaping; and <br /> <br /> WTmRFAS~ t~e City requi) es that the balance of the assessments be spread <br />against the fou'~.~ lots to be (~reated ky the plat; and <br /> <br /> NC~, THFAREPORE, J.n con~ideration of the mutual covenants and promises <br />contained herei~ it is agrew~d }~ the City and Developer as follc~s: <br /> <br />1. As to Stage I ~pr(~'e~,'~-nts:: <br /> <br />~at the b~lan~'e of the assessments due against the subject <br />property for Cindy improvement projects %84-12 and %84-18 in the <br />~ount of. ~-j shall be spread against each of the four lots <br />created by.' the aiM?royal and filing of the RIVER'S BEND PLAZA plat. <br />The specific as:~s~unent for each lot to be as follows: <br /> <br /> <br />