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RAMSEY PROPERTIES,LLC (dba Ilome2Suites) <br /> DEVELOPMENT AGREEMENT <br /> CITY OF RAMSEY,ANOKA COUNTY,MINNESOTA <br /> This Agreement(hereinafter the"Agreement")�is dated as of this I "' 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 tinder the laws of Minnesota,(tile"PERMITT'EE"). <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,LLCIHome2Suites <br /> Development Agreement <br /> Page I of 8 <br />