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CITY OF RAMSEY <br />AMENDMENT NO. 1 TO DEVELOPMENT AGREEMENT FOR COR SAPPHIRE ADDITION <br />This Development Agreement Amendment No. 1 (hereinafter the "Amendment No. 1") is dated <br />as of this 27th day of July, 2021 and is by and between the CITY OF RAMSEY, a Minnesota municipal <br />corporation (the "CITY") and SAPPHIRE APARTMENT, LLC, a limited liability corporation under <br />the laws of the State of Minnesota (the "PERMITTEE"). <br />Recitals <br />A. The PERMITTEE and CITY entered into a Development Agreement (the "Development <br />Agreement") for COR Sapphire Addition on October 7th, 2019. <br />B. The Development Agreement obligated the PERMITTEE to pay all costs for constructing <br />the retaining wall and concrete cross gutter improvements as shown in the Grading, Drainage <br />and Erosion Control Plans for the Sapphire Apartments, attached in EXHIBIT A. <br />C. The PERMITTEE and CITY wish to share in the costs for the PERMITTEE to construct <br />the retaining wall, concrete sidewalk, boulevard and street improvements as shown in the <br />Center Street Improvement Plans (the "Plans") prepared by Hakanson Anderson and <br />Associates, dated July 22, 2021, which are not attached to this amendment but are in the <br />CITY's files. <br />D. Estimated construction costs for the Center Street Improvements are attached in EXHIBIT B. <br />E. Final construction costs will not exceed the estimated construction costs. <br />Agreement <br />In consideration of the mutual promises set forth below, the parties agree as follows: <br />1. The recitals stated above are hereby incorporated into this Amendment No. 1. <br />1 <br />