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CITY OF ARDE�1 HILLS <br />A�E1�1 VILLAGE <br />DEVE�OPMEII�T AG�EE�iENT <br />P�# 09-021 <br />1.� Parties. This Development �greer�ent �s dated the 8th day o� Nlarch, �010, ar�d is <br />entered into by and beiween the Cit� of �rden Hills, a Mi�nesota statut�ry city <br />�"City"�; and Arden Village, �LC, a Minnesota limited liability �orporation ("Ard�� <br />v����g�"j. <br />2.0 �ecitais. <br />A. US Bank, �ational Associa�ion, as Personal FZepreser�tat�ve of the Estate of <br />George J. Reiling ("US Bank") is tl�e record owner of the follovving des�ribed <br />property ("Property") l�cated in the City of Arden Hi�ls, County �f Ra�se�, <br />State of Minnesota to wit: <br />�'�at part of the Nort�west �uarter of the �lorthvvest <br />Quarter of the Northeast Quart�r {I�ViT �/4 of NW 1/4 of NE <br />i�4) of Section 27, �'ownship 30, Range 23, �.escr�bed as <br />�ollows: Starting at t�e Northv�est corner of the <br />Northeast Quarter (NE �/4� of Section 27; thence East or� <br />t�e North line thereof four hundred and six (406j feet to <br />the place of beginni�g; thence East 208.75 feet along �he <br />North line of Section 27; the�ce Sout� along a li�e <br />which �s parallel to an�l distant f�14.75 feet Easterly o� <br />the West Iine of said Northeast Quarter (1� E 1/4� to the <br />North right-of-wa� line of �nterstate Highway #b94; <br />thence Northvvesterly aiflng the i�arth right-of-wa� line <br />of Interstate Highway #694 to a point the�eon which is <br />located four hundred and s�x {406j feet Easterl� of the <br />West line of said l�ort�east Quar�er �NE 1/4); thence <br />l�orth a line parallel to and distant four hundred and six <br />t406) feet Easterly of t�e V�I�st line of said Northeast <br />Quarter (NE 1/4 ) to the point of beginning. <br />B. US Bank has agreed to conv�y the Property to Arden Village. <br />C. Arden Village will fina� p�at the Propert�r as Lots 1 and 2, Block 1, .Ard�r� <br />Viliage. A medium density resident�al dv�elling will �e constructed on Lo� 1, <br />Block 1, Arden Village. A cor�munications tov�er and accessory buildings are <br />currently located on Lot 2, ��ock 1, Arden Vi�lag� and w�ll rema�n. <br />D. On the 9th day of Novembe�, 20�9, Arden Village submitted a� application <br />requesting the approval of a Combined Prelimi�ary/�inal Plat for Lots 1��d <br />