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CITY OF RAMSEY <br /> DEVELOPMENT AGREEMENT FOR RIVERSTONE SOUTH FOURTH ADDITION <br /> This Agreement(hereinafter the"Agreement") is dated as of this 14th day of November, 2023 and <br /> is by and between the CITY OF RAMSEY,a Minnesota municipal corporation(the"CITY") and <br /> RIVERSTONE DEVELOPMENT,LLC, a Minnesota Limited Liability Company under the laws of <br /> Minnesota (the"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 FOURTH ADDITION(the <br /> "Plat"). <br /> C. The Plat re-subdivides the Subject Property into: <br /> Lots 1-18, Block l(inclusive); and <br /> Lots 1-4, Block 2 (inclusive); and <br /> Lots 1-29, Block 3 (inclusive); and <br /> Lots 1-3, Block 4 (inclusive), and <br /> Outlots A. B. and C; <br /> Riverstone South Fourth Addition, Anoka County, Minnesota. <br /> D. The PERMITTEE has requested revisions to the Development Agreement to <br /> resolve typographical errors and implement a method to request reductions to their Letter of <br /> 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 />