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MEMORANDUM OF UNDERSTANDING <br />This Memorandum of Understanding ("MOU") is entered into between the City of Ramsey, <br />Minnesota, a Minnesota municipal corporation, ("City") and CAP Acquisitions, LLC, a <br />Washington limited liability company ("CAP Acquisitions"). <br />WHEREAS, over 150-acres of green -field land is available for development within The <br />COR, a downtown, mixed use, transit oriented development located off U.S. Highway 10 <br />and Armstrong Boulevard in the City of Ramsey, Minnesota ("The COR"); and <br />WHEREAS, CAP Acquisitions has interest in pursuing the development of a new 172- <br />unit, senior, independent living, market rate, apartment complex located on City -owned <br />land within The COR (the "Proposed Development"); and <br />WHEREAS, CAP Acquisitions entered into a purchase agreement for roughly 4.2 acres <br />of City -owned land on September 26, 2017 (the "Purchase Agreement"); and <br />WHEREAS, the Proposed Development will require various improvements to public <br />infrastructure in The COR. Public infrastructure improvements include water line <br />extensions, sewer line extensions, trail extensions, new roads, street lights, and storm <br />sewer ("Stage I and State II Improvements"); and, <br />WHEREAS, Bolton & Menk, Inc. completed a conceptual feasibility analysis for <br />required public infrastructure within The COR on January XX, 2018 ("Infrastructure <br />Study"); and <br />WHEREAS, the Purchase Agreement between CAP Acquisitions and the City indicated <br />the buyer would be responsible for 20% of all public infrastructure costs on roads located <br />adjacent to the Proposed Development; and <br />WHREAS, the Purchase Agreement between CAP Acquisitions and the City indicated a <br />formal cost -share agreement, or developer reimbursement agreement, for the construction <br />of public infrastructure, would be drafted and executed before the Purchase Agreement <br />inspection period expired (April 01, 2018); and <br />WHEREAS, in order for CAP Acquisitions to move forward with the Proposed <br />Development, a detailed mutual understanding of how public infrastructure <br />improvements will be designed, constructed, and paid for is needed. <br />Page 1 of 6 <br />