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<br />LA515-110-838683.v10 <br /> <br />(reserved for recording information) <br />DEVELOPMENT AGREEMENT <br /> <br />DPS Lake Elmo 3rd Addition <br /> <br />THIS DEVELOPMENT AGREEMENT is dated ______________, 2023, by and between the <br />CITY OF LAKE ELMO, a Minnesota municipal corporation (the “City”) and HENDRIX <br />APARTMENTS, LLC, a Minnesota limited liability company (the “Developer”). <br />1. REQUEST FOR PLAT APPROVAL. The Developer has asked the City to approve a <br />plat for DPS Lake Elmo Third Addition (referred to in this Agreement as the “Subdivision”). The <br />property being platted in situated in the County of Washington, State of Minnesota, and is legally <br />described on Exhibit A. <br />2. CONDITIONS OF PLAT APPROVAL. The City hereby approves the Subdivision on the <br />condition that the Developer enter into this Agreement, furnish the security required by it, and record <br />the plat with the County Recorder or the Registrar of Titles within 180 days after the City Council <br />approves the final plat. <br />3. RIGHT TO PROCEED. This Agreement is intended to regulate the development of the <br />Subdivision property and the construction therein of certain public and private improvements.