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<br />1 <br />190485v1 <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />[space reserved for recording data] <br /> <br />OPTION AGREEMENT FOR THE PURCHASE OF PROPERTY <br /> <br /> <br /> This OPTION AGREEMENT FOR THE PURCHASE OF PROPERTY (“Agreement”) <br />is made by and between ALATUS ARDEN HILLS LLC, a Minnesota limited liability company <br />(“Landowner”) and the CITY OF ARDEN HILLS, a Minnesota municipal corporation (“City”). <br />RECITALS: <br /> WHEREAS, the Landowner as Master Developer, and the Joint Development Authority <br />(“JDA”), a joint powers authority formed by Ramsey County and the City of Arden Hills, will enter <br />into a Master Contract for Private Development (“MCPD”). The date on which the JDA and <br />Landowner execute the MCPD shall be the Approval Date; and <br />WHEREAS, pursuant to the MCPD, the Landowner will become owner of that certain real <br />property situated in Ramsey County, Minnesota (hereinafter referred to as the “TCAAP Property”), <br />legally described on the attached Exhibit A; and <br /> WHEREAS, the TCAAP Regulating Code (“TRC”) which controls the TCAAP Property <br />contemplates the use of approximately 1.6 acres of land depicted on the attached Exhibit B, for <br />civic uses (“Civic Use Land”); and