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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 23rd day of May, 2023 <br />and is by and between the CITY OF RAMSEY, a Minnesota municipal corporation (the <br />"CITY") and RIVERSTONE DEVELOPMENT, LLC, a Minnesota Corporation under the <br />laws of Minnesota (the "PERMITTEE"). <br />Recitals <br />A. The PERMITTEE is the owner of land legally described on the attached <br />Exhibit 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 <br />(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 />D. The PERMITTEE has requested revisions to the Development <br />Agreement to resolve typographical errors and implement a method to request reductions <br />to their Letter of Credit as improvements are completed. <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 />1 <br />