RES 21-022 APPROVING THE PLANNED UNIT DEVELOPMENT AGREEMENT FOR THE STINSON APARTMENTS

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Planned Unit Development Agreement This Planned Unit Development Agreement (this "Agreement"), dated February 9, 2021, by and between the City of Saint Anthony Village, Minnesota, a Minnesota statutory city under the laws of the State of Minnesota (the "C"), and Stinson Apartments LLC, a Minnesota limited liability company ("Developer'). Recitals: WHEREAS, Developer is the owner of certain vacant land within the corporate limits of the City having an address of 3725 Stinson Boulevard and legally described on the attached Exhibit A (the "Property); WHEREAS, the Property is located within the Silver Lake Village PUD zoning district; WHEREAS, Developer made application to the City for (i) approval of the construction of a multiple family residential development on the Property consisting of 38 dwelling units in a single building (the "Project') and (ii) a related amendment to the Silver Lake Village PUD; WHEREAS, pursuant to City Council Resolution 20-089, adopted December 8, 2020, the City approved the final development plans for the Project and the final plan for an amendment to the Silver Lake Village PUD by creation of the Stinson Apartments PUD Sub -District; WHEREAS, on December 8, 2020, the City Council adopted Ordinance 2020-04, amending Title XV of the St. Anthony City Code, known as the zoning ordinance, and amending the Silver Lake Village PUD to create the Stinson Apartments PUD Sub -District for the Project; WHEREAS, the City zoning ordinance and City Council Resolution 20-089 requires entry into this Agreement. NOW, THEREFORE, in consideration of the above premises and the mutual obligations and conditions hereinafter contained, it is hereby agreed as follows: 1. PUD Conditions. This Agreement incorporates specific conditions to the City's approval of the Project and final plan PUD as set forth in Exhibit B attached hereto, some of which, as of the date hereof, have been satisfied as indicated on Exhibit B. 2. Plans. Subject to the terms of this Agreement, the Property shall be developed in accordance with the plans and specifications submitted to the City and which are described in Exhibit C attached hereto (collectively, the "Plans"). The full Plans shall not be attached to this Agreement, but are on file with the City. If the Plans vary from the written terms of this Agreement, the written terms shall control. 3. Security Requirements. Developer shall provide a cash landscaping security in the amount of $18,916.00 to secure all plantings onsite shown on the Plans. The City shall hold the escrow for a minimum of two growing seasons and shall promptly release the escrow following such second growing season and an inspection and confirmation that all proposed plantings are in good health and condition. Developer shall promptly remove and replace all dead and diseased plants and other vegetation in accordance with the Plans. 4823-5307-7972\2