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AGREEI4�ENT <br />1;0 Parties. 'I'�is agreeme�t �"Agre�ment" ) is entered int� by and �etwee� t�e �ifiy o� <br />�rden Hills, a�i��sota staxutory city ("��ty" ) an� S�ot Ni. Pel�quin a�d �elinda �i. <br />I'eloquin, husband a�� wi�e (collecti���y "Peloqui�" �. <br />2 . � Recitals . <br />A. �e Cit�r h�s awa�ded a cflntrac� for the constru�tion of t�.e 2� 1 t3 �'avement <br />�Vlanagemen� Pro,j�ct ("2� lfl PMP" � vc��iicb i���udes the reconstru�tion o� <br />'�alentine Ave�.ue . <br />B, 'T�ie �ity �ia� a�iopted zo�ing and subdi��sion regulations {"�eveiopment <br />R�gulat�on�"3 v��iich define �linimu�m i�t siz� ret�uirements. <br />�. �'h� Cit� vvill sp�cial�y ass�ss a�rtion of the 2t� 1� PM� cost again.s� the parcels <br />receiving a spec�al bene�'it fror�. t�e construction of the 2{� � 0 PiVi�', <br />�.?. Pursua�t to t�e �ity's Sge�ial 1�ssess�ent Poli�y, a sing�� farnily reside�tial l�t <br />v��uld be speci�l� assess�d on a per �ot u�it �asis. A"Lot Unit" is d�fined as a <br />pla�#�d s�gle fa�ni�� residential lot �hic�, ac�ording to t�e c�rent Arden Hills <br />M�.icipal Cod�, canno� � further su��id�d. A si�gie faznily residentia� lo� <br />�hic� �ould be subd�vided in cox�plianc� vvit� the �rden �i��$ I1�I�nicipai Co�ie <br />vwould be special�� assessed for a��aber of lot un.its equal t� the n�nber �f lats <br />�h�.ch ct���d be creat�d by a future su�division. <br />�, �'elo�� is the t�v�ner of th� follov�ing descri�et� proper� �" Peloq�in Prapert�r"� <br />�hic�. ha� � ���� a�d.��ss �f �.fi4� �'a�e�tin� ��e, : <br />Subject to �igbvUays �� anci �93 ancl �xce�t t�.� �arth 13� <br />f��t t.��reof, tha� pa�t af the e�st 792 feet �� the s��th �ne <br />quarter � 1��� of t�e southeast ane q�a�er � 1�4) of Sectio� <br />2�, �'ownship 3U, �tang� 23, ly�g westerly �� the <br />centerline o� Highway l�. <br />{P��121. 3� . � 3 . 44-�7} <br />�. Th� �'e1�q�n Property is located � an �-� zoning c�istrict anti is improved vvith <br />a�ingle family dvvel�ing a�n.� an at�ached garage . <br />G. �e �'eloqui�a Property► is a iot �hich c�ul� be �.ir�her s�bdivided �nto two {�) <br />lc��s an�i each res�.ltu�g lot would cfl�npi� with the genera� �ot standards contained <br />in the current Arde� Hills 1Viunici�a� Code. <br />�. fih� Ci�y is consi�erin.g �he possibility of specially ass�ss�g the Pelot�uin <br />Pr�perty f�r two �2� residential �o� equi�alents in ord�r to eq�ita��y �pread t�ie <br />�ost af �he 2�1� �MP �gainst s�cially be�efit�d parce�s. <br />