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COR THREE NORTH <br />AMENDMENT No. 1 <br />TO <br />DEVELOPMENT AGREEMENT <br />This Amendment is to the Development Agreement between the City of Ramsey <br />and Riverstone Development, LLC dated , 2017. <br />Recitals <br />1. The City and Riverstone Development, LLC entered into a Development <br />Agreement to govern construction of the North Commons housing <br />development. <br />2. Exhibit C of said Development Agreement outlines construction obligations <br />for park and trail construction as well as credit provided against Park <br />Dedication and Trail Development Fees. <br />3. Riverstone Development, LLC desires to amend Exhibit C to clarify the terms <br />of Exhibit C of the Development Agreement. . <br />Agreement <br />In consideration of the mutual promises set forth below, the parties agree as <br />follows: <br />1. The above recitals are incorporated into this Amendment. <br />2. Exhibit C of the Agreement is amended as follows: <br />Exhibit C <br />Park Dedication and Trail Development Credit Agreement <br />Recitals <br />1. The CITY has authorized a credit to Park Dedication and Trail Development Fees for certain <br />improvements to two (2) areas commonly known as Pearson Park and Lake Itasca Greenway. <br />2. Pearson Park will be fully developed with the first phase of Riverstone Addition. <br />3. Lake Itasca Greenway will be developed with future phases of Riverstone Addition. <br />4. That the Ramsey City Council hereby sets the following Park Dedication and Trail Development <br />Fee Credit Parameters. <br />a. Lake Itasca Greenway <br />i_100% Park Dedication Cash Credit for that square footage area necessary for the <br />trail (7' foot on either side of the centerline of the 10' foot bituminous trail(s). <br />This credit is at $1.74 per square foot. and shall not exceed $24.635. <br />