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-138- <br /> <br />MEMORANDUM OF UNDERSTANDING <br /> <br /> THIS Memorandmn of Understanding (this "Memorandum") is entered into this__ day <br />of ,2003 by and between the City of Ramsey, a municipal corporation under the <br />laws of the State of Minnesota ("the City") and Ramsey Town Center LLC, a Minnesota.limited <br />liability company and Nedegaard Construction Company, Inc., a Minnesota corporation <br />("collectively the Developer"). <br /> <br />RECITALS <br /> <br /> A. The Developer has proposed a mixed use development project on real estate <br />consisting of approximately 320 acres located in the City legally described on the attached <br />exhibit A with the project to be know as the Ramsey Town Center ("Town Center"). <br /> <br /> B. The City and Developer desire that the Town Center become a focal point in the <br />City and the sun'ounding community. <br /> <br /> C. The Developer and the City are mutually committed to the development of the <br />Town Center. <br /> <br /> D. The Developer as owner of the land comprising the Town Center proposes to be <br />the "designated" or "master" developer for the Town Center. <br /> <br /> E. Developer and the City wish to assure that the Town Center will be completed in <br />an orderly and timely fashion, and that the contemplated investments in the Town Center by the <br />Developer and the City will be protected, preserved, and enhanced. <br /> <br /> F. Notwithstanding anything herein to the contrary, the City, as a municipal <br />corporation, is bound by law to comply with all of its City Code regulations, City Development <br />Policies and all other relevant Federal and State statutes, rules and regulations. <br /> <br /> G. The purpose of this Memorandum is to provide a preliminary guideline to the <br />parties for consummation of a final agreement in the form of a Development Agreement with <br />regard to the Town Center. This Memorandum is intended to provide the parties with initial <br />terlns and conditions with which to consummate the Development Agreement and to form the <br />basis for further negotiations between them. This Memorandum is NON-BINDING on either <br />party. <br /> <br />GUIDING PRINCIPALS <br /> <br /> 1) Entry into Development Agreement. The City and the Developer will in good <br />faith negotiate with a view to entry into one or more development agreement(s) consistent with <br />City regulations and ;vhich will provide for, amongst other matters the following: <br /> <br />a) <br /> <br />The definition, location, and placement of Developer improvements: <br /> <br />b) The definition, location, and placement of City improvements. <br /> <br />03-20-03 Draft <br /> <br /> <br />