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PRE�.(MfNARY DEVELOPM�NT AGREEMENT <br />TRAVERSE BUSINESS CENT��t <br />CITY O� ARDEN HILLS <br />PC Na.: 08-005 <br />1.� Parties. This Pretimi�ary Develop�eRt Agreement is dated the 31St <br />day of March, 2045, and is entered into by and between the Ciiy of Arden Hi�ls, <br />a Minnesota statutory city ("City"); and CMK Arden Holdin�s, A Minnesota <br />Limited PartnersE�ip, a Minnesota Eir-nited �artnership, its successors and assi�ns <br />( "CMK"). <br />2.0 Reeitals. <br />A. CMK is the fee owner of the following d�scribed property situated <br />in Arden Hilts, Ramsey County, Minnesota ("Property"� which wifi <br />be platted as Lot 1, Block 1, Traverse Business Center: <br />(See Exhibit A) <br />B. On October 29, 2007, i�e City approved a P[anned Unit <br />Development Permit ("PUD Perrriit") for the Property, as <br />contained in PC No. 06-040. The PUD Permit has not been <br />amended anc� remains ir� e#fect as originally a�pro�ed. <br />C. Sectior� 3.0 (B)(5) of the PUD Permit required CMK �o replat the <br />Property. <br />D. Section 3.0 (8)(1) of the PUD Permi� an�icipates a pf�asi�� <br />s�hedule for the develapment of the Property and Sectior� 2.0(C) <br />�f the PUD Permit indicates t�ai each phase will require its own <br />Developrnent A�reement. This �reliminary Developrnent <br />Aoreement is not intended to be, nar shail be construed as, the <br />final Development A�reer�ent for any of the deve�apment phases. <br />E. The process of issuina a Pre[iminary Devetapmer�t A�reement is a <br />departu�e frorn the usual provisions of ihe City's Platting <br />R��ulaCions and is being foEtowed because CMK has not yet <br />finaEized t�e location of the utility easet�r�ents whiCh woutd <br />typicatly have been dedicated on tf�e plat of Traverse 8usiness <br />Cent�r. <br />3.0 Plannin Commission Review and Recorrimendations. Qn February 1, <br />2a08, CMK s€�bmitted an application for the PreEir�inary and Final Replattin� of <br />the Praperty ("Repiatting Applicat�on"}. On March 5, 2008, after reviewin� the <br />Replattin� App(ication, the reports and comments of the Arcien Hills staff a�d <br />its consultants, and �he comrr►ents of CMK; the Arden f-!ills Ptannin� Commission <br />