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CITY OF RAMSEY <br />DEVELOPMENT AGREEMENT FOR PEARSON INVESTMENTS, LLC <br />This Agreement (hereinafter the "Agreement") is dated as of this 13th day of May, 2025 and is by <br />and between the CITY OF RAMSEY, a Minnesota municipal corporation (the "CITY") and Pearson <br />Investments, LLC, a Limited Liability Company under the laws of Minnesota (the "PER1VIITTEE"). <br />Recitals <br />A. The PER1VIITTEE is the fee title owner of land generally known as 7900 <br />Riverdale Drive NW, Ramsey, MN 55303, and legally described as: <br />Lots 2-6 (inclusive), Block 5 Alpaca Estates, Anoka County, Minnesota <br />(the "Subject Property"). <br />B. That on February 18, 2025, the CITY received an application for site plan review <br />from the PERMITTEE for a proposed parking lot expansion and connecting the building on the <br />Subject Property to both the CITY's sanitary sewer system and the municipal water system. <br />C. The PER1VIITTEE intends to complete these improvements to the Subject <br />Property without financial participation by the CITY. <br />Agreement <br />SECTION 1 <br />REQUIRED IMPROVEMENTS AND FINANCIAL RESPONSIBILITIES <br />1. City Code Compliance. The CITY approves the site plan (the "Site Plan") conditioned <br />on the PERMITTEE developing the Subject Property in accordance with applicable <br />provisions of City Code. <br />1 <br />