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CITY OF LAKE ELMO <br />WASHINGTON COUNTY <br />STATE OF MINNESOTA <br />RESOLUTION NO.2025-009 <br />A RESOL UTION APPRO VING THE FIFTH AMENDMENT TO THE DEVELOPMENT <br />AGREEMENT FOR DEVELOPMENT OF THE CROSSROADS EAST FIRST ADDITION <br />SUBDIVISION <br />WHEREAS, the City of Lake Elmo is a municipal corporation organized and existing <br />under the laws of the State of Minnesota; and <br />WHEREAS, Airlake Development, Inc. and Crossroads East, LLC (together the <br />"Developer") previously submitted an application to the City of Lake Elmo (the "City") for a final <br />plat for Crossroads East First Addition; and <br />WHEREAS, the Lake Elmo City Council adopted Resolution No. 2021-115 on November <br />3, 2021 approving the final plat for Crossroads East First Addition; and <br />WHEREAS, the Lake Elmo City Council adopted Resolution No.2021-134 on December <br />7, 2021, approving the Development Agreement for Crossroads East First Addition; and <br />WHEREAS, the Lake Elmo City Council adopted Resolution No. 2022-034 on April 5, <br />2022 approving the First Amendment to Development Agreement (the "First Amendment"); and <br />WHEREAS, the First Amendment authorized Developer to proceed with vertical <br />construction of the buildings on the property prior to completion of the public subdivision <br />improvements provided that the public subdivision improvements were completed on an agreed - <br />upon schedule; and <br />WHEREAS, the Lake Elmo City Council adopted Resolution No. 2022-076 on August 3, <br />2022 approving the Second Amendment to Development Agreement (the "Second Amendment"); <br />and <br />WHEREAS, the Second Amendment provided the Developer with an extension of time to <br />complete public improvements providing certain restrictions were placed on tenant improvements; <br />and <br />WHEREAS, the Lake Elmo City Council adopted Resolution 2022-078 on August 16, <br />2022 approving the Third Amendment to Development Agreement (the "Third Amendment"); and <br />WHEREAS, the Third Amendment allowed the Developer to obtain building permits for <br />its building tenants provided that public improvements were completed no later than September <br />30, 2022; and <br />LA515\93\999713.J2 <br />