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�! fly ' 7'' , T 1. DI +~ 1Al.il� Z�I �+iin+iV r REZONING AGREEMENT FOR PROPERTY PI, KNOW, -AS THE STUBB'S BAY ;MARINA PROPERTY P4� Oil w THIS AGREEMENT, made and entered into this .-A—day of %_L�"✓`��___�.�._+ �7L 1980, by and between .lames K. McCleary and 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 Orcno, a municipal corporation, hereinafter referred to as the "City." WITNE:SSETH: WHEREAS, Owners have requested she City to change the zoning of the above described property from. B-2: Lakeshore Business District to an LF.-IA: One Family Lakeshore Residential District to allow for the development of the above -described property consisting of approximately two acres and 240 lineal feet of shoreline on Lake Minnetonka, into three separate single family lots with homes thereon, and WHEREAS, 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 he<.lth, safety and welfare of the public, and WHEREAS, 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, maintain and restrict the development of the above - described property as hereinafter - t 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-IA: 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 herr-Inafter: 1. The development of the property shall take plac,- generally in accordance with the concept plan, a copy of which is attached hereto as Exhibit B. 2. A preliminary and final plat in conformance with Exhibit B shall be sub- mirtad to the City for its approval As soon as possible by the Owners. 3. That prior to final plat approval, the Owners will comply wi' all the applicable rules, regulations, ordinances and laws of the City and will submit all information necessary as usual for the review and approval cif a preliminary and final plat. 4. That the above described property will he restrictcd to the de•velopmecct of that property into no more thin three sin};le family homes e-ach of which will be built