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2 <br />TW185\1\1011577.v13 <br />WHEREAS, the JPA created a joint powers board made up of representatives of the City <br />and County, and a resident of the City to govern the development of Rice Creek Commons known <br />as the TCAAP Joint Development Authority; and <br />WHEREAS, Ramsey County is the fee owner of Outlot A, TCAAP, according to the <br />recorded plat thereof, a 40.10 Acre Parcel, also known as and identified as the Thumb Parcel on <br />the TCAAP Master Plan Land Use Map the (“Thumb Parcel”); and <br />WHEREAS, Developer has entered into an agreement with Ramsey County to purchase <br />the Thumb Parcel in two phases; and <br />WHEREAS, Developer intends to purchase the northernmost 9.82 Acres of the Thumb <br />Parcel (the “Subject Property”) legally described as follows: <br />Lot 1, Block 1, Rice Creek Commons, according to the recorded plat thereof, Ramsey <br />County, Minnesota; and <br />WHEREAS, Developer intends to construct, on the Subject Property, an approximately <br />157,820 GSF build-to-suit commercial building for office and manufacturing use, as well as certain <br />on and off-site Infrastructure Improvements as defined herein (the “Project”); <br />and <br />WHEREAS, Developer has submitted a land use application for preliminary and final plat <br />approval to subdivide the Thumb Parcel into two parcels and a site plan review for the Subject <br />Property; and <br />WHEREAS, Developer has also applied for permitted adjustments to allow a reduction of <br />required parking spaces by 10% and waiver of the Project Circulation Plan, as defined by the <br />TCAAP Redevelopment Code; and