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2 WHEREAS, Minnesota Statute §462.358 authorizes the City to enter into a Development Agreement, secured by a performance guarantee for completion of all such improvements following final approval by the City Council and prior to the recording of the final plat at Ramsey County; and WHEREAS, pursuant to the Construction Plans, the Developer intends to construct certain stormwater drainage and sewer facilities on the Property, including certain stormwater drainage facilities to be located within public rights of way; and WHEREAS, the City, the Developer and Barnett 3610 have also entered into an Operation and Maintenance Agreement For Barnett Kia Stormwater Facilities, dated as of __________ , 2025 (the "Stormwater O&M Agreement"), which Stormwater O&M Agreement governs the rights and responsibilities of the parties with respect to the construction and maintenance of the stormwater drainage facilities; and WHEREAS, the City and the Developer have entered into this Development Agreement to document their respective rights and responsibilities with respect to construction of the improvements and certain other matters as set forth herein; and NOW THEREFORE, in consideration of the premises and the mutual obligations of the parties hereto, each of them does hereby covenant and agree with the other as follows: ARTICLE I Definitions Section 1.1. Definitions. In this Agreement, unless a different meaning clearly appears from the context: "Agreement" means this Development Agreement, as the same may be from time to time modified, amended or supplemented. "Articles and Sections" mentioned by number only are the respective Articles and Sections of this Agreement so numbered. "Certificate of Completion" means the certification provided to the Developer upon satisfactory completion of the Required Improvements. "City" means the City of Gem Lake, Minnesota. "Construction Plans" has the meaning given in the recitals hereto, and includes plans, specifications, drawings and related documents prepared by registered architects or engineers for all construction work to be performed by the Developer on the Property, including all on-site improvements to be performed, installed or constructed upon the Property, pursuant to this Agreement, and including the level of detail required for issuance of building permits by the City.