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ALDI, INC. <br />DEVELOPMENT AGREEMENT <br />CITY OF RAMSEY, ANOKA COUNTY, MINNESOTA <br />This Development Agreement (hereinafter the "Agreement") is dated as of this day of <br />, 2023, and is by and between the City of Ramsey, a Minnesota municipal corporation <br />(the "CITY") and ALDI INC. (MINNESOTA), a Minnesota corporation ("ALDI"). The CITY and ALDI <br />are sometimes collectively referred to herein as the "Parties". <br />Recitals <br />A. ALDI is, or, pursuant to that certain Real Estate Purchase Agreement, dated March 3, 2023 (as may <br />be amended, the "Purchase Agreement") by and between ALDI and the City, shall become the <br />fee title owner of land generally known as 7992 Sunwood Drive Northwest, Ramsey, MN 55303 <br />and legally described as: <br />Lot 1, Block 1, COR Four, Anoka County, Minnesota. <br />(the "Subject Property") <br />B. That on May 12, 2023, the CITY received a Site Plan Application from ISG on behalf of ALDI, <br />proposing to construct a retail building to operate on the Subject Property, and associated site <br />improvements (cumulatively, the "New Building"). <br />C. That on July 11, 2023, the City Council approved the Site Plan for the proposed New Building. <br />D. ALDI intends to cause the Required Improvements (defined below) 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 referenced above (the "Site Plan") <br />conditioned on ALDI developing the Sub j ect Property in accordance with the applicable provisions <br />of City Code. <br />Aldi <br />Development Agreement <br />Page 1 of 9 <br />