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Attachment C <br />(space reserved.for recording data/ <br />OPTION AGREEMENT FOR THE PURCHASE OF PROPERTY <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 o\\ncr of that certain real <br />property situated in Ramsev 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 <br />9n485N1 <br />