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CITY OF RAMSEY <br /> DEVELOPMENT AGREEMENT FOR TROTT BROOK CROSSING SECOND ADDITION <br /> This Development Agreement (hereinafter the "Agreement") is dated as of this 9th day of April, <br /> 2024, and is by and between the CITY OF RAMSEY, a Minnesota municipal corporation(the "CITY") <br /> and TCLD Fund 1 Trott Brook LLC, a Minnesota limited liability company under the laws of Minnesota <br /> (the"PERMITTEE"). <br /> Recitals <br /> A. The PERMITTEE is the owner of land legally described on the attached Exhibit A(the "Subject <br /> Property"). <br /> B. The PERMITTEE has received approval from the CITY to subdivide the Subject Property in <br /> multiple phases and plat the same as Trott Brook Crossing Second Addition(the"Plat"). <br /> Agreement <br /> 1. Recitals. Recitals incorporated. The recitals stated above are hereby incorporated into this <br /> 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 <br /> enters into this Agreement. <br /> b. Marketable Title. That prior to recording the Plat,the PERMITTEE shall provide <br /> the CITY with proof of marketable title to the Subject Property either through a <br /> currently certified abstract, registered property abstract or title insurance <br /> commitment or policy. <br /> C. Proof of Authority. That the PERMITTEE provide proof that the respective <br /> governing boards of the PERMITTEE have authorized the PERMITTEE'S <br /> execution of this Agreement. This proof of authority may be satisfied by providing <br /> 1 <br />