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RAMSEY PROPERTIES,LLC (dba Home2Suites) <br /> DEVELOPMENT AGREEMENT <br /> FIRST AMENDMENT <br /> CITY OF RAMSEY,ANOKA COUNTY,MINNESOTA <br /> This Agreement(hereinafter the"Agreement")is dated as of this day of September,2024,and <br /> is by 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 /> and amends the previous agreement dated July 11, 2023. <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. That on July 11, 2023,the PERMITTEE and CITY entered into a development agreement that has <br /> been recorded as Torrens document number 612593.006. <br /> E. That the PERMITTEE is requesting an amendment to the development agreement pertaining to the <br /> construction dates allowed in Section IV, Paragraph 21. <br /> Ramsey Properties,LLC/Home2Suites <br /> Development Agreement—First Amendment <br /> Page 1 of 4 <br />