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E. Thereafter, Arden Plaza conveyed Lot 1, Block 1, Arden Plaza to NLD Arden Hills LLC, a <br />Delaware limited liability company (“NLD”). On January 30, 2012, the City and NLD entered into a <br />Development Agreement Phase I, recorded with the Office of the County Recorder, Ramsey County, <br />Minnesota on February 16, 2012 as Document No. 4320378, as Planning File No. 11-016 for development <br />of Lot 1, Block 1, Arden Plaza as a Walgreens Drug Store. <br /> F. Lot 1, Block 1, Arden Plaza was later conveyed to the Couch/JGC Trusts including the <br />improvements located thereon, and Arden Plaza retained its fee ownership in Lots 2 and 3, Block 1, <br />Arden Plaza. <br /> G. Walgreens applied for additional wall and window signage for the building on Lot 1 as part <br />of PC File No. 2013-010. The City Council approved the application on September 9, 2013. <br /> H. Because of the numerous inconsistencies in the foregoing approved documents and the <br />development of the plat, the City, Arden Plaza and the Couch/JGC Trusts desire to approve this Restated <br />Agreement to establish the approvals and conditions for the redevelopment of Lots 1-3, Block 1, Arden <br />Plaza. <br /> I. The City issued a building permit for Lot 1, Block 1, Arden Plaza, Phase I of the <br />Redevelopment Project. <br />J. Subject to the conditions and modifications contained herein, the Redevelopment Plan <br />Documents represent the nature, scope and configuration of the Redevelopment Project which Arden <br />Plaza is requesting the City to approve. <br />K. The PUD-Master Plan and the Redevelopment Plan Documents indicate that the Property <br />will be redeveloped in three phases: <br />1. Phase I includes the construction of a pharmacy building on Lot 1, Block 1, Arden Plaza. <br />2. Phase II will include a retail/restaurant building on Lot 2, Block 1, Arden Plaza. <br />3 <br />174869v10