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Miliff <br />91 D <br />06 (omm <br />REZONING AGREEMENT FOR PROPERTY <br />KNOWN -AS THE STUBB'S BAY MARINA PROPERTY <br />THIS AGREEMENT, made and entered into this <br />/)OiL <br />^0 day of <br />I960, by and between James K. HcCleary and Carolynne M. McCleary, their heirs, <br />successors and assi< ns who are the owners of the property, legally described on <br />Exhibit A attached nereto and incorporated herein by reference, hereinafter re­ <br />ferred to as "Owners" and the City of Orono, a municipal corporation, hereinafter <br />referred to as the "City." <br />WITNESSETH; <br />WHEREAS, Owners have requested the City to change the zoning of the above <br />described property from B-2: Lakeshore Business District to ’an LR-IA; One Family <br />Lakeshore Residential District to allow for the development of the above-described <br />property consisting of approximately two acres and 240 lineal feet of shoreline <br />on Lake Minnetonka, into three separate single family lots with homes thereon, and <br />WHEREAS, the City has found that the proposed rezoning of said property pur­ <br />suant to this rezot.!ng agreement would be in the public Interest and would promote <br />the health, safety and welfare of the public, and <br />WHEREAS, in order to induce tne City to change the zoning of the above-described <br />property and to grant the variances related thereto as provided for herein, the <br />Owners agree to lay out, develop, maintain and restrict the development of the above- <br />described property as hereinafter set forth; <br />NOW, THEREFORE, it is agreed that for and in consideration of the City's adopt­ <br />ing an ordinance rezoning the above-described property from B-2: Lakeshore Business <br />District to LR-IA: One Family Lakeshore Residential District with variances granted <br />as set forth hereinafter, the Others agree to restrict the development of the above- <br />described property as set forth hereinafter: <br />1. The development of the property shall take place generally in accordance <br />with the concept plan, a copy of which is attached hereto as Exhibit B. <br />2. A preliminary and final plat in conformance with Exhibit B shall be sub­ <br />mitted to the City for its approval as soon as possible by the Owners. <br />3. That prior to final plat approval, the Owners will comply with all the <br />applicable rules, regulations, ordinances and laws of the City and will submit all <br />information necessary as usual for the review and approval of a preliminary and final <br />plat. <br />4. That the above described property will be restricted to th^ development of <br />that property into no more than three single family homes each of which will be built