4F, Planning Case 11-016 - Approval of Arden Plaza, LLC Development Agreement

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CITY OF ARDEN HILLS ARDEN PLAZA, LLC FINAL PLANNED UNIT DEVELOPMENT - PHASE I AMENDMENT NO. 2 DEVELOPMENT AGREEMENT PHASE I PLANNING CASE NO. 11-016 1.0 Parties. This Development Agreement ( "Agreement ") is dated the 10th day of October, 2011, and is entered into by and between the City of Arden Hills, a Minnesota statutory city ( "City "); and Arden Plaza, LLC, a Minnesota limited liability corporation ( "Arden Plaza "). 2.0 Recitals. A. Arden Plaza is the record fee owner of the following described property ( "Property ") situated in the City of Arden Hills, County of Ramsey, State of Minnesota: The north 872 feet of the east one -half (1/2) of the northeast quarter of Section 34, Township 30 north, Range 23 west, except the west 625 feet thereof; excepting from the above described Tract, the west 200 feet of the north 283 feet. Subject to rights of public, those portions thereof taken for highways, said portions being the north 43 feet thereof and the east 33 feet thereof and that part thereof lying north and east of the connecting curb. B. The property is being platted as Lots 1, 2, 3, Block 1, Arden Plaza Addition. C. Arden Plaza intends to convey Lot 1 and the improvements located thereon to a pharmacy ( "Pharmacy "). The Pharmacy will improve Lot 1, and operate a pharmacy on the site. D. Arden Plaza will retain ownership of Lots 2 and 3 for future development pursuant to the terms of a Master Planned Unit Development (PC# 09 -011) and a future Final PUD and Development Agreement. E. On the 5th day of July, 2011, Arden Plaza and the Pharmacy submitted a combined application requesting that the City approve a Preliminary and Final Plat and a Final Planned Unit Development Amendment for the Property ( "Application ").