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BUNKER LAKE CROSSING LLC <br />DEVELOPMENT AGREEMENT <br />CITY OF RAMSEY, ANOKA COUNTY, MINNESOTA <br />This Agreement (hereinafter the "Agreement") is dated as of this 22"d day of July, 2025, and is by <br />and between the City of Ramsey, a Minnesota municipal corporation (the "CITY") and BUNKER LAKE <br />CROSSING LLC, a limited liability company under the laws of Delaware, (the "PERMITTEE"). <br />Recitals <br />A. The PERMITTEE is the fee title owner of land generally known as 14701, 14731 and 14751 <br />Armstrong Boulevard Northwest, Ramsey, MN 55303 and legally described as: <br />Lots 1, 2, and 3, Block 1, Bunker Lake Crossing, Anoka County, Minnesota. <br />(the "Subject Property") <br />B. That on June 24, 2025, the City Council adopted Resolution #25-150, approving a First Amendment <br />to the Purchase Agreement and Right of Re -Entry Agreement for the Subject Property. <br />C. That on May 12, 2025, the CITY received a Land Use Application from Allison Morgan on behalf <br />of Capital Real Estate, Inc. and Bunker Lake Crossing LLC (the "PERMITTEE") requesting a <br />Final Plat, as part of a proposal to develop three buildable commercial lots on the Subject <br />Property, and associated site improvements (cumulatively, the "New Development"). <br />D. That on June 10, 2025, the City Council approved the Final Plat for the proposed New <br />Development. <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 />Agreement <br />Bunker Lake Crossing LLC <br />Development Agreement <br />Page 1 of 9 <br />