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CITY OF RAMSEY <br />DEVELOPMENT AGREEMENT FOR RIVERSTONE SOUTH THIRD ADDITION <br />This Agreement (hereinafter the "Agreement") is dated as of this 9th day of May, 2023 and is by <br />and between the CITY OF RAMSEY, a Minnesota municipal corporation (the "CITY") and <br />RIVERSTONE DEVELOPMENT, LLC, a Minnesota Corporation under the laws of Minnesota (the <br />"PERMITTEE"). <br />Recitals <br />A. The PERMITTEE is the owner of land legally described on the attached Exhibit <br />A (the "Subject Property"). <br />B. The PERMITTEE has received approval from the CITY to subdivide the <br />Subject Property and plat the same as RIVERSTONE SOUTH THIRD ADDITION (the "Plat"). <br />C. The Plat re -subdivides the Subject Property into: <br />Lots 1-6, Block 1(inclusive); and <br />Lots 1-5, Block 2 (inclusive); and <br />Outlot A (inclusive), Anoka County, Minnesota. <br />Agreement <br />1. Recitals. Recitals incorporated. The recitals stated above are hereby incorporated <br />into this Agreement and are made part of this Agreement by reference. <br />2. Conditions of Approval. The CITY has approved the Plat subject to satisfaction of the <br />following conditions subsequent: <br />a. The PERMITTEE'S Execution of this Agreement. That the PERMITTEE enter <br />into this Agreement. <br />1 <br />