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RAMSEY PROPERTIES, LLC (dba Home2Suites) <br />DEVELOPMENT AGREEMENT <br />CITY OF RAMSEY, ANOKA COUNTY, MINNESOTA <br />This Agreement (hereinafter the "Agreement") is dated as of this 11 th day of July, 2023, and is by <br />and between the City of Ramsey, a Minnesota municipal corporation (the "CITY") and RAMSEY <br />PROPERTIES, LLC, a limited liability corporation under the laws of Minnesota, (the "PERMITTEE"). <br />Recitals <br />A. The PERMITTEE is the fee title owner of land generally known as 7895 Sunwood Drive <br />Northwest, Ramsey, MN 55303 and legally described as: <br />Lot 1, Block 1, Ramsey Properties Addition, Anoka County, Minnesota. <br />(the "Subject Property") <br />B. That on March 12, 2023, the CITY received a Site Plan Application from Ramsey Properties LLC, <br />proposing to construct a four-story extended -stay hotel to operate on the Subject Property, and <br />associated site improvements (cumulatively, the "New Building"). <br />C. That on May 10, 2023, the City Council approved the Site Plan for the proposed New Building. <br />D. The PERMITTEE intends to cause the Required Improvements to the Subject Property to be <br />constructed without financial participation by the CITY. <br />Agreement <br />SECTION I <br />REQUIRED IMPROVEMENTS AND FINANCIAL RESPONSIBILITIES <br />1. City Code Compliance. The CITY approves the site plan (the "Site Plan") conditioned on the <br />PERMITTEE developing the Subject Property in accordance with the applicable provisions of <br />City Code. <br />2. Conformance with the Plans. The Subject Property shall be developed in accordance with the <br />plans (the "Plans") prepared by Civil Site Group, dated April 10, 2023. The Plans remain subject <br />Ramsey Properties, LLC/Home2Suites <br />Development Agreement <br />Page 1 of 8 <br />