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<br /> 1 <br />LA515\112\937837.v1 <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />(reserved for recording information) <br /> <br /> <br />DEVELOPMENT AGREEMENT <br /> <br /> North Star <br /> <br /> <br /> <br /> <br /> <br />THIS DEVELOPMENT AGREEMENT is dated ______________, 2024, by and between the <br />CITY OF LAKE ELMO, a Minnesota municipal corporation (the “City”) and GWSA Land <br />Development, LLC, a Minnesota limited liability company (the “Developer”). <br />1. PLAT APPROVAL. The Developer has asked the City to approve a plat for North Star <br />(referred to in this Agreement as the “Subdivision”). The property being platted is situated in the <br />County of Washington, State of Minnesota, and is legally described on Exhibit A (the “Property”). <br />2. CONDITIONS OF PLAT APPROVAL. The City hereby approves the Subdivision on <br />condition that the Developer enter into this Agreement, furnish the security required by it, and <br />record the plat with the County Recorder or Registrar of Titles no later than 180 days after the <br />City Council approves the plat. <br />3. RIGHT TO PROCEED. This Agreement is intended to regulate the development of the <br />Property and the construction therein of certain public and private improvements. Unless