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IL . AR J '. CM CFO Q%M REZONING AGREE.TI NT FOR PROPERTY J KNOWN AS TILE STUBB' S BAY MARINA PROPERTY THIS AGREEMENT, made and entered into this day of_i/tlt/��',�� 1980, by and between :James K. McCleary a-od Carolynne M. McCleary, their heirs, successors and assigns who are the owners of: the property, legally described on Exhibit A attached hereto and incorporated herein by reference, hereinafter re- ferred to as "Owners" and the City of OrCTIo, a municipal corporation, hereinafter referred to as the "City." GJIT'NESSETH: [dEIEItEAS, Owners have request eci L6C. to change the zoning, of the above described property from B-2: Lakeshore Business District to an LR-lA: One Family Lakeshore Residential District to alloor for i:.he development of the above-describt�d property consisting of approximately two acres arod 240 lineal feet of shoreline on Lar:k:t Minnetonka, into three separate single family lots with homes thereon, and WHF ,E.AS, the City has found that the proposed rezoning of said property pur- suant to this rezoning agreement would be in the public interest and would promote the health, safety and welfare of the publi.c, and WIMEREAS, in order to induce the City to change the zoning; of the above -described property and to grant the variances related thereto as provided for herein, the Owners agree to lay out, develop, ma:i.,tain and restrict the development of the above - described property as hercinafter set forth; NOW, THEREFORE, it is agreed that for and in consideration of the City's adopt- ing an ordinance rezoning; the above -described property from B-2: Lakeshore Business District to LR-'A: One Family Lakeshore Residential District with variances granted as set forth hereinafter, the Owners agree to restrict the development of the above - described property as set forth hereinafter: 1. The development of the property shall take place generally in accordanc. with the concept plan, a cony of which is -ttached hereto as Exhibit B. 2, A preliminary and final plat iii conformance with Exhibit B shall be sub- mitted to. the Ci'=y for its approval z?s soon as possible by the Owners. 3. That prior to final plat approval, the Owners will comply wi',i all the :applicable rules, retu_lations, ordinances and laws of the City and will submit all information necessary as usual for the review and approval of a preliminary and final plat. 4. That the above describeeproperty i;il i he restricted to the development of that property into no more than three s3f n le f .ir•i:i 1N' homes each of which will be built