12-10-2018 Council Meeting Packet

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MASTER DEVELOPMENT AGREEMENT Article I. Findings and Recitals; Right to Proceed 1.1 Findings and Recitals This Master Development Agreement (the “Master Agreement) is made this ____day of ______, 2018, by and between the City of Lino Lakes, a municipal corporation under the laws of Minnesota (the “City”), US Home Corporation, a Delaware corporation d/b/a Lennar Corporation (the “Developer”) and Mattamy Minneapolis LLC, a Delaware limited liability company d/b/a Mattamy Homes (“Owner”). WHEREAS, Owner is the fee owner of certain property located in the City, which is legally described on the attached Exhibit A-1 (the “Owner’s Property”); and WHEREAS, Developer is the fee owner of certain property located in the City, which is legally described on the attached Exhibit A-2 (the “Developer’s Property” and collectively with the Owner’s Property, referred to as the “Property”); and WHEREAS, Developer has the option to purchase the Owner Property in multiple phases pursuant to the terms of a certain Option Agreement dated June 2, 2017, as amended (the “Developer Option Agreement”); and WHEREAS, the Developer has proposed to subdivide and construct improvements on the Property to support 864 residential units (the “Development”) when complete; and WHEREAS, the City approved a comprehensive plan amendment by Resolution No. 16- 50, adopted on June 13, 2016; approved the Development Stage Plan/Preliminary Plat by Resolution No. 16-51, adopted on June 13, 2016, rezoned the Property to Planned Unit Development by Ordinance No. 04-16, adopted on June 27, 2016; approved Amendment No. 1 to the Development Stage Plan by Resolution No. 17-95, adopted on October 9, 2017, approved Amendment No. 2 to the Development Stage Plan by Resolution No. 17-133, adopted on December 11, 2017 (collectively the “City Approvals”). The terms and conditions of the City Approvals are hereby incorporated into this Master Agreement by reference. Development of the Property shall be in conformance with the City Approvals and the Plans as hereinafter defined, except as may be specifically authorized in this Master Agreement; and WHEREAS, the City Approvals incorporate the plans and specifications submitted by the Developer and approved by the City (the “Plans”), all of which are enumerated on Exhibit B; and WHEREAS, given the size and scope of the Development, it is in the City’s and the Developer’s best interest to allow the Development to proceed in multiple phases based on a final plat for each phase and to enter into this Master Agreement in order to establish certain terms and conditions of approval prior to the final plat of any phase of the Development.