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CITY OF LAKE ELMO <br />WASHINGTON COUNTY <br />STATE OF MINNESOTA <br />RESOLUTION NO.2024-092 <br />A RESOL UTION A PPR 0 VING THE DEVELOPMENT AGREEMENT FOR BRIDGE WATER <br />VILLAGE <br />WHEREAS, the City of Lake Elmo (the "City") is a municipal corporation organized and <br />existing under the laws of the State of Minnesota; and <br />WHEREAS, Bridgewater Bancshares, Inc. a domestic business corporation (the <br />"Applicant") previously submitted an application to the City for a final plat for Bridgewater <br />Village; and <br />WHEREAS, the Lake Elmo City Council adopted Resolution No. 2024-067 on May 21, <br />2024 approving the final plat for Bridgewater Village (the "Resolution"); and <br />WHEREAS, the conditions of approval of the final plat in the Resolution included a <br />requirement that the Applicant enter into a development agreement acceptable to the City Attorney <br />and approved by the City Council that delineates who is responsible for the design, construction, <br />and payment of the required improvements with financial guarantees therefore; and <br />NOW, THEREFORE, the City Council of the City of Lake Elmo hereby: <br />1. Approves the Development Agreement for Bridgewater Village and authorizes the <br />Mayor and City Clerk to execute it. The City Attorney is authorized to insert or modify <br />Exhibits of the Development Agreement and to fill in any blanks within the <br />Development Agreement as needed. <br />Passed and duly adopted this l 7t' day of September 2024 by the City Council of the City of Lake <br />Elmo, Minnesota. <br />y <br />Charles Cadenhead, Mayor <br />ATT T: <br />Jultjl <br />nson Cit Clerk <br />LA515-119-856339.vl <br />