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PLANNED UNIT DEVELOPMENT AGREEMENT <br />This Planned Unit Development Agreement (this “Agreement”), dated ________________, <br />2022, by and between the City of Saint Anthony, Minnesota, a Minnesota statutory city under the laws <br />of the State of Minnesota (the “City”), and Lowry Retail LLC, a Minnesota limited liability company <br />(together with its permitted successors or assigns, collectively “Developer”). <br />Recitals: <br />WHEREAS, Developer is the owner of certain land within the corporate limits of the City having <br />an address of 2654 Kenzie Terrace Northeast, consisting of approximately 0.91 acres and legally <br />described on the attached Exhibit A (the “Property”); <br />WHEREAS, Developer made application to the City (i) for approval of the construction of an <br />approximately 6,000 square foot bank branch and office building on the Property (the “Project”) and (ii) <br />to modify the zoning district, including establishing a new Planned Unit Development (PUD) overlay <br />zoning district to accommodate the Project; <br />WHEREAS, pursuant to City Council Resolution 21-078 adopted October 26, 2021, the City <br />approved the final development plans for the Project and the final plan for creation of the Kenzie Terrace <br />PUD Overlay zoning district; <br />WHEREAS, on October 26, 2021, the City Council adopted Ordinance 2021-04 amending Title <br />XV of the St. Anthony City Code, known as the zoning ordinance, to rezone the Property to C, <br />Commercial and establish the Kenzie Terrace PUD Overlay zoning district for the Project and other <br />related property; <br />WHEREAS, the City zoning ordinance and City Council Resolution 21-078 requires entry into <br />this Agreement. <br />NOW, THEREFORE, in consideration of the above premises and the mutual obligations and <br />conditions hereinafter contained, it is hereby agreed as follows: <br />1.PUD Conditions. This Agreement incorporates specific conditions to the City’s approval <br />of the Project and final plan PUD as set forth in Exhibit B attached hereto, some of which, as of the date <br />hereof, have been satisfied as indicated on Exhibit B. <br />2.Plans. Subject to the terms of this Agreement, Developer shall develop the Property and <br />construct the Project in accordance with the plans and specifications submitted to the City and which are <br />described in Exhibit C attached hereto (collectively, the “Plans”). The full Plans shall not be attached to <br />2483258.v24887-6170-0872\3