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DEVELOPMENT CONTRACT OWASSO RIDGE AGREEMENT, dated this day of 2002, by and between the CITY OF ROSEVII,LE, a Minnesota municipal corporation, (`City"), and STONEY R1VER DEVELOPMENT CORPORTATION, ("the Developer"). 1. Request for Plat approval. The Developer has asked the City to approve a plat of land to be known as OWASSO RIDGE (also referred to in this contract as the "plat"). The land is legally described as follows: The West one-half (W. '/a) of the West 647.6 feet of the South fifteen (5.15) acres of the Northeast quarter (NE i/a) of the Southwest quarter (SW i/a) of Section one (1). Township twenty-nine (29), Range twenty-three (23), except the North 165 feet thereof, containing five (5) acres of land, subject, however, to an Easement in favor of the owner of the East one-half (E. 1/2 ) of said West 647.6 feet for private Roadway purposes over and across the South 30 feet thereof, according to the Untied States Government survey thereof. 2. P.U.D. Approval. The City has approved the Planned Unit Development in an agreement dated March 24.2002. 3. Conditions of Plat Approval. A. The proposed cul-de-sac shall be a 26-foot wide street located within a 50-foot right- of-way with a drainage and utility easement over and across all of Lot 8 and five (5) foot drainage and utility easements along all common properiy lines. The 26-foot wide street will be signed no parking in accordance with City Code requirements. All easements should be dedicated by notation on the final plat. B. Park dedication requirements shall be satisfied in cash payment in lieu of land dedication based on $550.00 per single-family lot, or $3,500. C. Erosion control measures shall be constructed in accordance with Ramsey County Soil and Water Conservation District standards. D. Hazardous materials clean up will be completed according to acceptable MnPCA standards. 4. Phased Development. The plat shall be constructed in one phase in accord with the terms and conditions contained herein. 5. Effect of Subdivision Approval. For two (2) years from the date of this Contract, no amendments to the City's Comprehensive Plan, or official controls shall apply to or affect the use, development density, lot size, lot layout or dedications of the approved plat unless required by state or federal law or agreed to in writing by the City and the Developer. Thereafter, Page I of S