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BUNKER LAKE CROSSING LLC (CHIPOTLE) <br />DEVELOPMENT AGREEMENT <br />CITY OF RAMSEY, ANOKA COUNTY, MINNESOTA <br />This Agreement (hereinafter the "Agreement") is dated as of this 22nd 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 Armstrong Boulevard <br />Northwest, Ramsey, MN 55303 and legally described as: <br />Lot 3, Block 1, Bunker Lake Crossing, Anoka County, Minnesota. <br />(the "Subject Property") <br />B. 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 />Conditional Use Permit, Site Plan, and Variance as part of a proposal to construct a commercial <br />building for a restaurant on the Subject Property, and associated site improvements (cumulatively, <br />the "New Building"). <br />C. That on June 26, 2025, the Planning Commission reviewed and recommended approval of the <br />Conditional Use Permit and Site Plan, and also adopted Resolution #25-149, approving the <br />Variance for a drive -through lane in the front yard of the Subject Property. <br />D. That on July 8, 2025, the City Council adopted Resolution #24-148, 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 />Agreement <br />Capital Real Estate, Inc. (Chipotle) <br />Development Agreement <br />Page 1 of 8 <br />