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MEMORANDUM OF UNDERSTANDING This Memorandum of Understanding is made and entered into this ______ day of ________________, 201__, by the CITY OF ARDEN HILLS Minnesota municipal corporation (“City”) and ALATUS ARDEN HILLS LLC, a Minnesota Limited Liability Company (“Master Developer”). 1. Alatus Arden Hills LLC is the Master Developer of the former Twin Cities Army Ammunition Plant property redevelopment project (the “Project”), also known as Rice Creek Commons (“RCC”). The Master Developer will enter into a development agreement with the Joint Development Authority for the Project. As part of the project development plan and pursuant to the development agreement, Master Developer will be required to dedicate certain parcels of land for park purposes to the City. The City and Master Developer have discussed and reached a mutual understanding regarding the size, location, and improvement of the dedicated park areas and desire to hereby document that understanding by this memorandum. 2. The City and Master Developer desire to dedicate and construct three major parks within the Project. The three parks are Creek Park (CNP-1), Hill Park (HNP-2), and Town Center Park (Park B-east of roadway), as shown on the project plans attached hereto as Exhibit A. The Master Developer or assignee will also construct the additional public and private open spaces identified in the TCAAP Redevelopment Code and on the TCAAP Regulating Plan at their own expenses and are not subject to this agreement. 3. The Master Developer will hire and pay for a planning firm to work with the City and the City Parks, Trails, and Recreation Committee on the design and development, including amenities, of the three parks according to the standards attached hereto as Exhibit B (‘Park Improvements”), on terms to be agreed upon between the City and Master Developer. The final designs for the Park Improvement shall be subject to City Council approval. 4. The City’s estimated cost to design, construct, and inspect the Park Improvements is $14.5 million dollars and will be funded by park dedication fees generated from the Project pursuant to the Arden Hills Code of Ordinances and Fee Schedule, as amended over time. The final cost and timing of the payment of park dedication fees will be established by subsequent agreement between the City and Master Developer. 5. The City and the Master Developer will work together on the timing to construct the Park Improvements and, if not constructed by the Master Developer, jointly selecting the entity that will be responsible for constructing the Park Improvements. 6. Future agreements will be negotiated and entered into for the maintenance and responsibility of each park and the Park Improvements.