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B lock 3; thence northeasterly on said southwesterly extension a distance of 110 feet to a <br />point which is 330 feet southwesterly of the northwest comer of said Block 3 said <br />distance being measured along the southwesterly extension of the northwesterly line of <br />said Block 3; thence southeasterly at right angles a distance of 160 feet; thence <br />northeasterly on a line parallel to the southwesterly extension of the southeasterly line <br />or' sa/d Block 3 a distance of 220 feet; thence southeasterly at'right angles a distance of <br />33 ["eet to the point of beginning. Subject to 149th Lane NW. <br /> <br />~or upon recording- <br /> <br />Lots 1-17, Block 1, and Outlot A, RAMSEY MEADOWS 5TM ADDITION, Anoka County, <br />Minnesota <br /> <br />(the "Subject Property"); and <br /> <br /> WHEREAS, on July 26, 2004 pursuant to Resolution No. 05-07- ., the CITY <br />approved the final plat of the Subject Property, which plat is known as RAMSEY MEADOWS <br />5TM ADDITION (the "Plat"), which approval is contingent on certain requirements, including <br />the I)EVELOPER and the CITY entering into this Agreement; and <br /> <br /> WHEREAS, the final plat for the Subject Property conforms to the preliminary plat for <br />Ramsey Meadows 5"~ Addition; and <br /> <br /> WHEREAS, the CITY requires' certain improvements to be constructed within the Platl <br />which improvements are defined as Stage I and Stage II Improvements in the City Code; and <br /> <br /> WHEREAS, the DEVELOPER intends to cause its required improvements in the Plat <br />to be constructed with financial participation by the CITY; and <br /> <br /> WHEREAS, the DEVELOPER desires to construct the Stage I improvements, except <br />those Stage II Improvements constructed by the CITY; and <br /> <br /> WHEREAS, no expenditure of CITY funds will be made until the relevant City Code <br />escrow requirements have been completed by the DEVELOPER. <br /> <br />NOW, THEREFORE, the CITY and DEVELOPER agree as follows: <br /> <br /> SECTION I <br />STAGE I IMPROVEMENTS AND FINANCIAL GUARANTEES <br /> <br />City Code Compliance. The CITY approves the Plat conditioned on the DEVELOPER <br />cteveloping the Plat in accordance with the applicable provisions of City Code, Section 9.50, <br />entitled Subdivision. <br /> Ramsey Meadows 5tt~ Addition <br /> Development Agreement <br /> Page 2 of l O <br /> <br /> <br />