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CITY OF RAMSEY <br />DEVELOPMENT AGREEMENT FOR NAPERVILLE <br />This Agreement (hereinafter the "Agreement") is dated as of this 9th day of December, 2025, and <br />is by and between the CITY OF RAMSEY, a Minnesota municipal corporation (the "CITY") and Illinois <br />Avenue Holdings LLC, a limited liability company under the laws of Minnesota (the "PERMITTEE"). <br />Recitals <br />A. The PERMITTEE is the owner of land legally described on the attached Exhibit A (the <br />"Subject Property"). <br />B. The PERMITTEE has received approval from the CITY to subdivide the Subject <br />Property and plat the same as NAPERVILLE (the "Plat"). <br />Agreement <br />1. Recitals. Recitals incorporated. The recitals stated above are hereby incorporated into this <br />Agreement and are made part of this Agreement by reference. <br />2. Conditions of Approval. The CITY has approved the Plat subject to satisfaction of the following <br />conditions subsequent: <br />a. The PERMITTEE'S Execution of this Agreement. That the PERMITTEE enter into this <br />Agreement. <br />b. Marketable Title. That prior to recording the Plat, the PERMITTEE shall provide the <br />CITY with proof of marketable title to the Subject Property either through a currently <br />certified abstract, registered property abstract or title insurance commitment or policy. <br />c. Proof of Authority. That the PERMITTEE provide proof that the respective governing <br />boards of the PERMITTEE have authorized the PERMITTEE'S execution of this <br />1 <br />