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CITY OF ORONO <br />HENNEPIN COUNTY, MINESOTA <br />PLANNED UNIT DEVELOPMENT NO. 4B AGREEMENT <br />AND PUD/DEVELOPMENT CONTRACT <br />STONKBAY LOFTS <br />LOT 1, BLOCK I, STONEBAY SECOND ADDITION <br />DEVELOPER: ZB CONS I RUCTION, INC. <br />OWNER: JOHN TERRANCE HOMES, LLC <br />THIS AGREEMENT made and entered into this day of , 2005 by and <br />between the CITY OF ORONO, a municipal coiporation organized and existing under the laws of the <br />State of Minnesota (the "City"); ZB CONSTRUCTION, INC, a Minnesota corporation (tlic <br />"Developer"); and JOHN TERRANCE HOMES, LLC, a Minnesota Limited Liability Corporation (the <br />••Owner ”). <br />WITNESSETH: <br />WHEREAS, tlie Developer and Owner have made application to the City for approval of a re-plat <br />ofOutlots E and F, STONEBAY, to be known as S l ONEBAY SECOND ADDITION which shall be <br />comprised of Lot I, Block 1 (hereinafter the “Property ”), for the purpose of construction cf the Stonebay <br />Lofts, and Outlot A, for the purpose of future residential development, as approved in the Planned Unit <br />Development No. 4 Agreement on flic and of record with the City of Orono; and <br />WHEREAS, the City has approved the re-plat via Resolution No.adopted on March <br />14,2005 on co. idition that the Developer enter into this Agreement and Contract and fumi.ch the security <br />required by it. <br />NOW, THEREFORE, in considcrationof the premises, andofthe actual pmmi.se.saiul conditions <br />hereinafter eontained, it is hereby agreed as follows: <br />I. Property De eriptioii. This Agreement and PUD/Development Contract shall applyoniy to the <br />following described projierty located in Hennepin County, Minnesota: <br />Lot I, Block I, STONliBAY SECOND ADDITION (the “Property ”) <br />and <br />Ontlot G, STONEBAY (‘Outlot G") <br />AP-1