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CITY OF ARDEN HILLS <br />NLD ARDEN HILLS LLC <br />DEVELOPMENT AGREEMENT PHASE I <br />PLANNING CASE N0.11-016 <br />1.0 Parties. This Development Agreement ("Agreement") is dated the 30th day of <br />January, 2012, and is entered into by and between the City of Arden Hills, a <br />Minnesota statutory city ("City"); and NLD Arden Hills LLC, a Delaware limited <br />liability company ("NLD"). <br />2.0 Recitals. <br />A. Arden Plaza LLC, a Minnesota limited liability company ("Arden Plaza"), was <br />the record fee owner of the following described property ("Property") <br />situated in the City of Arden Hills, County of Ramsey, State of Minnesota: <br />The north 872 feet of the east one-half (1/2) of <br />the northeast quarter of Section 34, Township <br />30 north, Range 23 west, except the west 625 <br />feet thereof; excepting from the above described <br />Tract, the west 200 feet of the north 283 feet. <br />Subject to rights of public, those portions thereof <br />taken for highways, said portions being the <br />north 43 feet thereof and the east 33 feet thereof <br />and that part thereof lying north and east of the <br />connecting curb. <br />B. The Property has been platted as Lots 1, 2, 3, Block 1, Arden Plaza Addition <br />pursuant to the Final Plat thereof approved by the Arden Hills City Council on <br />August 29, 2011 (the "Final Plat"). <br />C. Arden Plaza has conveyed Lot 1 and the improvements located thereon to <br />NLD. NLD will improve Lot 1, Block 1, Arden Plaza Addition for use as, and <br />operation of a Walgreen Drug Store. <br />3.0 Development Plans. The following development plans are incorporated herein <br />(collectively referred to as "Revised Development Plans-Phase I") <br />1. Cover Sheet, dated June 6, 2011. <br />2. Preliminary Site Plan, dated June 6, 2011. <br />3. Preliminary Grading and Drainage Plan, dated June 6, 2011. <br />_ _ __ _ _ _ _ _ <br />_ __ _ _ _ __ __ _ : _ _ <br />