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AMERCO REAL ESTATE COMPANY (U-HAUL) <br />DEVELOPMENT AGREEMENT <br />CITY OF RAMSEY, ANOKA COUNTY, MINNESOTA <br />This Agreement (hereinafter the "Agreement") is dated as of this 24th day of September, 2024, and <br />is by and between the City of Ramsey, a Minnesota municipal corporation (the "CITY") and AMERCO <br />REAL ESTATE COMPANY, a Nevada corporation (the "PERMITTEE"). <br />Recitals <br />A. The PERMITTEE is the fee title owner of land generally known as 8725 Riverdale Drive <br />Northwest, Ramsey, MN 55303 and legally described as: <br />Lot 1, Block 1, Donna Farms, Anoka County, Minnesota <br />(the "Subject Property") <br />B. That on June 14, 2024, the CITY received a Land Use Application from Amerco Real Estate <br />Company (the "PERMITTEE"), doing business as U-Haul, requesting a Conditional Use Permit <br />and Site Plan as part of a proposal to construct seven commercial buildings to operate on the <br />Subject Property, and associated site improvements (cumulatively, the "New Building"). <br />C. That on July 25, 2024, the Planning Commission reviewed and recommended approval of the <br />Conditional Use Permit and Site Plan. <br />D. That on August 12, 2024, the City Council adopted Resolution #24-202, which approved the <br />Conditional Use Permit and Site Plan for the proposed New Building. <br />E. The PERMITTEE intends to cause the Required Improvements to the Subject Property to be <br />constructed without financial participation by the CITY. <br />U-Haul <br />Development Agreement <br />Page 1 of 9 <br />