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CITY OF RAMSEY <br />DEVELOPMENT AGREEMENT FOR COR SAPPHIRE ADDITION <br />This Agreement (hereinafter the "Agreement") is dated as of this day of <br />2019 and is by and between the CITY OF RAMSEY, a Minnesota municipal corporation (the <br />"CITY") and Sapphire Apartment, LLC ("DEVELOPER"). <br />WHEREAS, the DEVELOPER is the fee owner of the following described property <br />situated in the City of Ramsey, County of Anoka, State of Minnesota, and legally described as <br />follows: <br />Outlot A, COR Parkview Addition, Anoka County, Minnesota <br />Or upon platting: <br />Lot 1, Block 1, COR Sapphire Addition, Anoka County, Minnesota <br />(the 'Subject Property'); <br />WHEREAS, on July 9, 2019, pursuant to Resolution #19-140, the CITY approved the <br />final plat for the Subject Property, which plat is known as COR Sapphire Addition (the "Plat"), <br />which approval is contingent on certain requirements, including the DEVELOPER and the <br />CITY entering into this Agreement. <br />THEREFORE, in consideration of the mutual promises set forth below, the CITY and <br />the DEVELOPER agree as follows: <br />1. Conditions of Approval. The CITY has approved the Plat subject to satisfaction <br />of the following conditions subsequent: <br />a. Development Agreement. That the DEVELOPER enter into this <br />Agreement. <br />b. Marketable Title. That prior to recording the Plat, the DEVELOPER shall <br />provide the CITY with proof of marketable title to the Subject Property <br />either through a currently certified abstract, registered property abstract or <br />title insurance commitment or policy. <br />c. Proof of Authority. That the DEVELOPER provide proof that the <br />respective governing boards of the DEVELOPER have authorized the <br />DEVELOPER'S execution of this Agreement. This proof of authority may <br />be satisfied by providing the CITY with a certified copy of the minutes of <br />the governing board of each entity which grants such authority. <br />2. The Plans. The term "Plans" as used in this Agreement means the Final Plat and <br />Site Plans, dated February 28, 2019, revised May 29, 2019, prepared by Hakanson <br />Anderson. The Plans remain subject to: (a) CITY Staffs review and approval of <br />revisions in conformance with staff comments and (b) such further revisions as the <br />