Agenda - Council - 02/22/2005 - Laserfiche WebLink

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FIRsT AMENDMENT TO MASTER DEVELOPMENT AGREEMENT This FIRST AMENDMENT TO MASTER DEVELOPMENT AGREEMENT ("First Amendment") is made and entered into ithis . day of February, 2005, bY. and between the CITY OF RAMSEY, MINNESOTA, a municipal corporation organized and existing under the laws of the State of Minnesota (the "City"); RAMSEY TOWN CENTER LLC, a Minnesota limited liability company (the ,'Developer"); RAMDANCE LLC, a Minnesota limited liability company ("Ramdance"); and PSD, LLC, a Minnesota limited liabiliB, company ("PSD"). RECITALS: WHEREAS., the City and the Developer are parties to the City of Ramsey Master Development Agreement for Rainsey Town center by and between City of Ramsey and Ramsey Town Center LLC, dated as of :September 17, 2003 and recorded in the office of the Anoka County Recorder and the office ;of the Armka COunty Registrar of Titles on September 29, 2004 as Document Nos. 185:1364.0 and 446333i0, respectively (the "Master Agreement"); WHEREAS, the Master: Agreement en. cumbers certain property defined therein as the "Subject Property." Since the execution ~and recording of the Master Agreement, the "Subject Property" has been platted and r~latted. The current description of the "Subject Property" is set forth on the attached Amended and Restated Exhibit A. WHEREAS, the City and the DqvelOper have negotiated certain mutually beneficial amendments to the Master Agreoment as more particularly set forth herein; and' WHEREAS, the Interested parties, ~as defined in this First Amendment, are exeCuting this First Amendment to subject th~ interests in the Subject Property, as defined in the Master Agreement, to the terms of this First Amendment to Master Development Agreement. NOW, THEREFORE, in COnsideration of the Premises and the mutual obligations of the parties hereto, each of them does hereby covenant and agree with the others as follows: Section 2.1 (g) of the Master Agreement is hereby deleted in its entirety and replaced with the following: (g) City Hall and Parking. Ramp Sites. ',City Hall and Parking Ramp Sites" means the real proPerty legally described on the attached amended and restated Exhibit B. ~ Section 2. l(q) of the Master Agreement is hereby amended to read as follows: (q) Ci _ty's Ninety Foot TraCt. ',City's Ninety Foot Tract" means Outlots A, B and C, RAMSEY TOWN CENTER ADDITION, Anoka County, Minnesota. 3. Section 2.1 (kk) of the Master Agreement is hereby amended to read as follows: 1710652v6 1