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• CONTRACT FOR SUBDVISION/PLANNED UNIT DEVELOPMENT THIS AGREEMENT, made this day of December, 2004, by and between the CITY OF LINO LAKES, , a Minnesota municipal corporation, hereinafter referred to as the "City" and LEGACY DEVELOPMENT, INC., whose address is , MN, a Minnesota corporation hereinafter referred to as the "Developer ". WITNESSETH: WHEREAS, the Developer has received approval from the City Council for a preliminary plat of land within the corporate limits of the City known as Village No. 2, hereinafter called "Development Property". The real property to be developed is legally described on Schedule A attached hereto and made a part hereof; and WHEREAS, On March 8, 2004, the Lino Lakes City Council adopted Resolution No. 04 -33 granting Development Stage Plan/Preliminary Plat approval for Legacy at Woods Edge, with conditions ( "Resolution "), incorporated herein by reference; and WHEREAS, On March 22, 2004 the Lino Lakes City Council adopted Ordinance No.04- 04 approving the rezoning of the Development Property from LB, Limited Business and PSP, Public /Semi- Public to PUD, Planned Unit Development District ( "Ordinance ") incorporated herein by reference; and WHEREAS, the Developer requested that the City construct and finance certain improvements to serve the Development Property; pursuant to Minnesota Statutes Chapter 429 as specified in a petition and waiver agreement, dated December , 2004; and WHEREAS, Developer, the Lino Lakes Economic Development Authority ( "Authority ") and the City have entered into a Contract for Private Redevelopment dated December , 2004 (the "Redevelopment Contract ") relating to the Development Property; NOW, THEREFORE, in consideration of the premises and the mutual obligations of the parties hereto, each of them does hereby covenant and agree with the other as follows: LegacyDevelopmentContractfinal .doc 12/17/04