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CITY OF ARDEN HILLS <br />ARDEN VILLAGE <br />DEVELOPMENT AGREEMENT <br />AMENDMENT N0. 3 <br />PC# 09-021 <br />1.0 Parties. This Amendment No. 3 to the Arden Village Development <br />Agreement if dated the 17t" day of December, 2012, and is entered into by and <br />between the City of Arden Hills, a Minnesota statutory city ("City"); and Arden <br />Village, LLC, a Minnesota Limited Liability Corporation ("Arden Village"). <br />2.0 Recitals. <br />A. The City and Arden Village are parties to the certain Arden Village <br />Development Agreement dated March 8, 2010 ("Agreement"). <br />6. The City approved Amendment No. 1 to the Agreement dated May 9, <br />2011, amending Section 5.0 Subd A.2 of the A�reement. <br />C. The City approved Amendment No. 2 to the agreement dated, May 14, <br />2012, further amending Section 5.0 Subd A.2 of the agreement. <br />D. On the 10t" day of December, 2012, Arden Village submitted a letter and <br />plans requesting minor modifications to the originally approved Arden <br />Village Application. Arden Village is requesting to convert the 55-unit <br />affordable housing apartment building to a 60-unit market rate <br />apartment building. As part of the conversion Arden Village is proposing <br />other modifications to the project; modified building footprint, five <br />additional surface parking stalls, five additional underground parking <br />stalls, modified outdoor recreation area, and modified interior finishes. <br />E. On the 17t" day of December, 2012, The City Council reviewed the <br />proposed modifications and determined that the changes were not <br />significant in nature. <br />F. The Parties wish to Amend Section 2.0 Subd A.2 of the Agreement as <br />hereinafter specified. <br />3.0 Terms and Conditions of Permit. In consideration of the City's development <br />approvals; in compliance with the City's development regulations and in <br />consideration of the undertakings expressed herein, the parties agree: <br />A. Section 2.0 Subd F is hereby amended in its entirety to read as follows: <br />The Arden Village Application is illustrated and described on the <br />following documents ("Arden Village Redevelopment Plan Documents") <br />attached and incorporated herein. <br />1 <br />