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CORTRUST BANK, N.A. <br />DEVELOPMENT AGREEMENT <br />CITY OF RAMSEY, ANOKA COUNTY, MINNESOTA <br />This Agreement (hereinafter the "Agreement") is dated as of this 9th day of December 2025, and is <br />by and between the City of Ramsey, a Minnesota municipal corporation (the "CITY") and CORTRUST <br />BANK, N.A., a national banking association, (the "PERMITTEE"). <br />Recitals <br />A. The PERMITTEE is the fee title owner of land generally known as 7845 Sunwood Drive <br />Northwest, Ramsey, MN 55303 and legally described as: <br />Lot 1, Block 1, COR SIX, Anoka County, Minnesota. <br />(the "Subject Property") <br />B. That on October 7, 2025, the CITY received a Land Use Application from Mr. Dean Suchy of <br />CorTrust Bank, N.A., (the "PERMITTEE") requesting a Minor Plat and Conditional Use Permit <br />as a proposal to construct bank branch building with two drive-thru lanes and associated site <br />improvements on the Subject Property, (cumulatively, the "New Building"). <br />C. That on December 9, 2025, the City Council reviewed and approved the proposed plat and <br />conditional use pen -nit on the Subject Property with the adoption of Resolutions #25-271 and #25- <br />272, respectively. <br />D. The PERMITTEE intends to cause the Required Improvements to the Subject Property to be <br />constructed. <br />CorTrust Bank, N.A. <br />Development Agreement <br />Page 1 of 9 <br />