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DEVELOPMENT AGREEMENT PACKARD PARK THIRD ADDITION THIS AGREEMENT, made and entered into this day of 1990, by and between the City of Lake Elmo, a Minnesota Municipal Corporation (hereinafter called "City") and Gene M. Peltier and Ann E. Peltier, husband and wife (hereinafter called "Developers"), WITNESSETH: WHEREAS, the Developers have made application to the City Council for approval of a land development pursuant to Lake Elmo City Ordinance Section 301.070.D.I E., within the corporate limits of the City, described as follows: That part of Government Lot 3, Section 24, Township 29 North, Range 21 West, described as follows: Beginning at the southwest corner of PACKARD PARK 2ND ADDITION, accordingly to the plat on file in the office of the County Recorder, Washington County, Minnesota; thence South 88 degrees 56 minutes 33 seconds West, bearing oriented to said plat, along the north line of the South 270.90 feet of said Government Lot 3, also being the north line of the South 13.39 acres of said Government Lot 3, a distance of 812.99 feet to the southeast comer of the tract described in Book 105 of Deeds, page 240, as recorded in said office of the County Recorder; thence North 01 degree 03 minutes 27 seconds West along the easterly line of said tract 200.00 feet to fire northeast corner of said tract; thence South 88 degrees 56 minutes 33 seconds West along the north line of said tract and along the northerly line of the tract described in Book 96 of Deeds, page 98, a distance of 628 feet, more or less, to the shore line of Lake Elmo; thence northerly along said shore line 725, feet, more or less to the south line of the tract described in Book I of Deeds, page 11, as recorded and on file in said office of the County Recorder; thence North 89 degrees 00 minutes 23 seconds East along said south line 1278 feet, more or less to the northwest corner of said PACKARD PARK 2ND ADDITION; thence South 00 degrees 59 minutes 37 seconds East along the westerly line of said plat 136.54 feet; thence South 45 degrees I I minutes 44 seconds East along said westerly line 187.27 feet; thence South 44 degrees 48 minutes 16 seconds West along said westerly line 60.00 feet; thence South 45 degrees 11 minutes 44 seconds East along said westerly line 60.00 feet; thence South 44 degrees 48 minutes 16 seconds East along said westerly line 330.00 feet; thence South 45 degrees I I minutes 44 seconds East along said westerly line 198.64 feet; thence South 23 degrees 46 minutes 10 seconds East along said westerly line 201.99 feet to the point of beginning.