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DEVELOPMENT AGREEMENT <br />FOR <br />RAMSEY CROSSINGS <br />1. Parties and Effective Date. The parties to this development <br />agreement (the "Agreement") are the City of Ramsey, a municipal corporation and home rule <br />charter ci organized under the laws of the state of Minnesota (the "City") and RCM-Minnesota <br />Corporation, a Minnesota corporation ("Developer"). This ~~;~eernentagreement is effective as <br />of the ~roer dad of , ~89f 200 (the "Effective Date"). <br />2. Recitals. <br />2.1 Recital One. The Citv desires to encourage and facilitate the development <br />and redevelopment of the real property legal described in the attached Exhibit A (the <br />"Development Property"l. <br />2.2 Recital Two To that end, the Citv solicited development proposals from <br />various developers and, after reviewing those grogosals. the Citv selected Muir as a <br />otential develo er for the Development Property. <br />2.3 Recital Tfiree. To assemble the Development Property for development <br />and redevelopment, the Citv has commenced eminent domain proceedings in Anoka <br />County District Court with respect to each parcel that forms a part of the Development <br />Property as identified on Exhibit A (each a "Parcel" and collectively the "Parcels"1 and <br />those proceedings are currently Bending in Anoka County District Court. <br />2.4 Recital Four. Contemporaneously with their execution of this <br />Agreementw Citv and Developer are executing a purchase agreement pursuant to which <br />City is agreeing. subiect to certain contingencies. to sell the Development Prope to <br />Developer and Developer is agreeing. subiect to certain contingencies. to purchase the <br />Development Property from City (the "Purchase Agreement"). <br />2.5 Recital Five. City and Developer are executing this Agreement to <br />describe various rights and obligations of Citv and Developer with respect to the <br />development of the Development Property; and <br />2.6 Recital Six. The Agreement constitutes a "Development Agreement" as <br />defined in Section 9.50.01 of the Zoning and Subdivision Ordinance with respect to <br />Developer's subdivision of the Development Property pursuant to the Final Plat. as <br />defined herein. <br />3. Definitions. <br />3.1 "Agreement" means this Development Agreement. as the same may be <br />amended from time to time. <br />3.2 "Gifu" means the city of Ramsey. Minnesota. <br />1974417vdoc <br />V2 to VI 12/18/06 <br />-126- <br />