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<br /> <br />2 <br /> <br />DEVELOPMENT AGREEMENT <br /> <br /> <br /> THIS AGREEMENT is made this 24th day of April, 2006, by and between the CITY OF <br />MOUNDS VIEW, a Minnesota municipal corporation (the “City”), and DAN SAPLIS, INC, a <br />Minnesota Corporation, (the “Developer”). <br /> <br />Recitals <br /> <br />A. The Developer is the fee owner of certain real estate located in Ramsey County, <br />Minnesota, legally described as <br /> <br />Knollwood Park, Ramsey County, Minnesota, Lot 47 & Lot 48 <br /> <br />(hereinafter referred to as the “Property”). <br /> <br />B. The Developer shall construct on the Property improvements consistent with the final <br />site plans date-stamped April 4, 2006, and approved by the City Council on April 24, 2006. <br /> <br />C. The Developer has requested that the City approve a major subdivision for the <br />property. <br /> <br />D. As a prerequisite to the approval of the subdivision, the City Council requires the <br />Developer to agree to the construction of certain improvements pursuant to this Agreement for the <br />orderly development of the Property. <br /> <br />E. The Developer is financially responsible for the construction and installation costs of <br />certain utilities and roadway, as required by City ordinance, referred to as the “Improvements”. <br /> <br /> <br /> Agreement <br /> <br />In consideration of each party’s promises as set forth in this Agreement, it is mutually agreed <br />as follows: