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(reserved for recording information) <br /> DEVELOPMENT AGREEMENT <br /> CRYSTAL BAY BUSINESS CENTER <br /> DEVELOPMENT AGREEMENT ("Agreement") dated December 5 , <br /> 2007, by and between the CITY OF ORONO, a Minnesota municipal corporation ("City"), and <br /> RYAN COMPANIES US, INC., a Minnesota Corporation(the "Developer"). <br /> DEFINITIONS <br /> "Building Permit Approval" means City review and approval of plans for the <br /> construction of Improvements for individual Lots. <br /> "Commercial Site Plan Approval" means the September 11, 2006 City review and <br /> approval of proposed Improvements for each individual Lot within the Plat. <br /> "Development" means the construction, remodeling, or replacement of up to 4 <br /> structures, each on separate lots within the Plat. <br /> "Development Stage Approval" means review and approval of plans and this <br /> Agreement by the City prior to construction of the Improvements. <br /> 132281 vll <br /> - 1 - <br />