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PETITION AND WAIVER AGREEMENT <br /> • This Agreement made this day of , 2004, by and between the City of <br /> Mounds View, a Minnesota municipal corporation ("City"), and Pro Craft Development, LLC, a <br /> limited liability company under the laws of the State of Minnesota("Owner"). <br /> WITNESSETH: <br /> WHEREAS,the Owner is the fee owner of or controls via a purchase agreement certain real <br /> property (the "Subject Property") located in the City, the legal description of which is set forth on <br /> Exhibit A, attached hereto and hereby made a part hereof; and <br /> WHEREAS, the Owner desires to have certain public improvements constructed to serve <br /> the Subject Property as described in Exhibit B attached hereto and hereby made a part hereof <br /> (hereinafter referred to as the"Improvement Project"); and <br /> 11110WHEREAS, the Owner wishes the City to construct the Improvement Project without <br /> notice of hearing or hearing on the Improvement Project, and without notice of hearing or hearing <br /> on the special assessments levied to finance the Improvement Project, and to levy 100 percent of the <br /> cost of the Improvement Project against the Subject Property; and <br /> WHEREAS,the City is willing to construct the Improvement Project in accordance with the <br /> request of the Owner and without such notices or hearings, provided the assurances and covenants <br /> hereinafter stated are made by the Owner to ensure that the City will have valid and collectable <br /> special assessments as they relate to the Subject Property to finance all of the costs of the <br /> Improvement Project; and <br /> WHEREAS, were it not for the assurances and covenants hereinafter provided, the City <br /> would not construct the Improvement Project without such notices and hearings and is doing so <br /> solely at the behest,and for the benefit of,the Owner. <br /> SJR-245276v2 <br /> MU205-29 <br /> 1 <br />