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CITY OF RAMSEY <br /> ANOKA COUNTY, MINNESOTA <br />DEVELOPMENT AGREEMENT- FALCONER'S RIDGE SECOND ADDITION <br /> <br /> THIS AGREEMENT, made and entered into by and between the CITY OF RAMSEY, <br />a municipal corporation of the State of Minnesota (the CITY"), and ELIOT T. SCHAEFFER <br />and DEBORRAH A. SCHAEFFER, husband and wife, (the "DEVELOPER"). whose address <br />is 6200 Green Valley Road. <br /> <br />WITNESSETH: <br /> <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 <br />as follows: <br /> <br />Lot 1, Block 2, Falconer's Ridge, Anoka County, Minnesota. <br /> <br />(the "Subject Property"); and <br /> <br /> WHEREAS, on May 24, 2005, pursuant to Resolution #05-05- _, the CITY approved <br />the final plat of the Subject Property which plat is known as FALCONER'S RIDGE SECOND <br />ADDITION (the "Plat") contingent on certain requirements, including DEVELOPER and <br />CITY entering into this agreement; and <br /> <br /> WHEREAS, the Plat consists of a resubdivision of the Subject Property into one lot and <br />one outlot totaling approximately 19 acres; and; <br /> <br /> WHEREAS, approval of the Final Plat is given pursuant to the City's Subdivision Code <br />Section 9.50.05 (Subd. 1) entitled "Division or Consolidation of platted Lots"; and <br /> <br /> WHEREAS, no expenditure of CITY funds will be made until City Code escrow <br />requirements have been fulfilled by the DEVELOPER. <br /> <br />NOW, THEREFORE, the CITY and DEVELOPER agree as follows: <br /> <br />SECTION I. <br /> <br />-320- <br /> <br /> <br />