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CITY OF RAMSEY <br />MASTER DEVELOPMENT AGREEMENT <br />FOR RAMSEY TOWN CENTER <br />THIS MASTER DEVELOPMENT AGREEMENT (the "Master Agreement"), is made, <br />entered into and effective as of the day of September, 2003, by and between the CITY <br />OF RAMSEY, a Minnesota municipal corporation and a home rule charter city (the "City") and <br />RAMSEY TOWN CENTER LLC, a Minnesota limited liability company (the "Developer"). <br />Subject to the terms and conditions of this Master Agreement, and in reliance upon the <br />representations, warranties and covenants of the parties herein contained, the City and the <br />Developer hereby agree as follows: �(/, <br />ARTICLE 1 <br />RECITALS AND GUIDING PRINCIPLES <br />1.1 The City and the Developer have entered into a Memorandum of Understanding <br />dated April 11, 2003 providing preliminary guidelines for the creation and execution of this <br />Master Agreement. This Master Agreement supersedes the Memorandum of Understanding. As <br />set forth in Section 12.3, the City and the Developer agree that the Memorandum of <br />Understanding is hereby terminated and shall have no further force or effect. <br />1.2 The City has created the Town Center District under the Zoning Ordinance and <br />the City will create a Town Center Review Board, as contemplated in the Zoning Ordinance. <br />The City agrees to appoint the members of the Town Center Review Board within 90 days after <br />the date hereof <br />1.3 The City has determined that the Developer's Master Development Plan is <br />consistent with the City's Comprehensive Plan and with the RTC Ordinance. <br />1.4 On August 12, 2003, the Council approved the Developer's Preliminary Plat for <br />the Subject Property subject to the conditions subsequent set forth in the resolution approving the <br />Preliminary Plat. The Developer has submitted the Master Final Plat to the City for review and <br />approval. <br />1.5 The City and the Developer intend that the Subject Property will be developed <br />and used as the RTC Project in accordance with the RTC Controls. <br />1.6 The City and the Developer agree that the Developer may seek to create <br />Development through the use of one or more Secondary Developers; and that Secondary <br />Developers may increase the benefits to the City through increased Development. <br />1.7 The City and the Developer acknowledge that the following principals have <br />influenced the discussions and negotiations leading up to this Master Agreement and expect that <br />I555730v13 <br />