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MEMORANDUM OF UNDERSTANDING <br /> This Memorandum of Understanding("MOU") is entered into between the City of Ramsey,Minnesota, a <br /> Minnesota municipal corporation, ("City"), Capstone Homes,Inc., a Minnesota corporation("Capstone <br /> Homes"), and Hageman Holdings,LLC, a Minnesota limited liability company("Hageman Holdings"). <br /> WHEREAS,over 300-acres of green-field land is available for development located northwest of <br /> the U.S.Highway 10 and Armstrong Boulevard interchange in the City of Ramsey,Minnesota <br /> (the "Armstrong-West Developable Area"); and <br /> WHEREAS,the City has an interest in pursuing the development of a new business park in the <br /> Armstrong-West Developable Area totaling 131.52 acres in gross size,located on three parcels <br /> currently owned by Hageman Holdings(PIDs: 20-32-25-34-0004,29-32-25-21-0003, and 29-32- <br /> 25-12-0003). A new business park can benefit the City by creating well-paying jobs, increasing <br /> tax-base, and increasing local consumer spending; and <br /> WHEREAS, Capstone Homes is under contract to purchase 84.77 acres of land currently owned <br /> by Pearson Properties of Ramsey,LLC.,located in the Armstrong-West Developable Area. <br /> Capstone Homes intends to develop a roughly 350-unit single family residential development <br /> located on three parcels (PIDs: 29-32-25-22-0004,20-32-25-33-0001, and 20-32-25-32-0001); <br /> and <br /> WHEREAS, a new 300-unit residential development located in the Armstrong-West <br /> Developable Area will benefit the City by providing quality new housing stock, a quality <br /> designed residential community,development fees, increased tax-base, and an increase in local <br /> consumer spending; and <br /> WHEREAS,the development of the Armstrong-West Developable Area will require various <br /> improvements to arterial infrastructure located along Bunker Lake Boulevard and Puma Street. <br /> Arterial infrastructure improvements include trunk-water line extensions,trunk-sewer line <br /> extensions,a sewer lift station,trail extensions,new roads, street lights, and storm sewer <br /> ("Arterial Infrastructure"). Bolton&Menk,Inc. completed a conceptual feasibility analysis for <br /> Arterial Infrastructure located in the Armstrong-West Developable Area in March 2017 <br /> ("Infrastructure Study"); and <br /> WHEREAS,Arterial Infrastructure will not only directly serve the Armstrong-West Developable <br /> Area,but will also serve the City as a whole. The proposed Arterial Infrastructure includes City <br /> trunk water/sewer system lines, a Municipal-State-Aid(MSA) street, and a collector road; and <br /> WHEREAS,in order for Capstone Homes or the City of Ramsey to move forward with their <br /> development interests,a mutual understanding of how Arterial Infrastructure improvements will <br /> be designed,constructed, assessed, and paid for is needed; and <br /> WHEREAS, Capstone Homes requested that the City fund the Arterial Infrastructure <br /> improvements and assess their portion of the Arterial Infrastructure improvements for Phase IA <br /> and Phase IB outlined in the Bolton&Menk Infrastructure Study. <br /> Page 1 of 3 <br />