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PLANNED UNIT DEVELOPMENT AGREEMENT <br />ELK RIVER CROSSING <br />THIS PLANNED UNIT DEVELOPMENT AGREEMENT ("PUD Agreement"), <br />made and entered into this 21st ,day of December 1999, by and <br />between the CITY OF ELK RIVER, a municipal corporation organized under the <br />laws of the State of Minnesota (the "City"); and Associated Investors of Elk <br />River, Inc., a Minnesota corporation, (the "Developer"); <br />WITNESSETH: <br />WHEREAS, Developer has made application to City for approval of a <br />Conditional Use Permit (the "Conditional Use Permit") to develop a shopping <br />center project (the "Project") as a Planned Unit Development, pursuant to <br />Sections 900.12(15) and 900.42 of the Elk River City Code of Ordinances, on <br />certain property located within the City and described on Exhibit A attached <br />hereto (the "Property"); and <br />WHEREAS, the City Council of the City of Elk River (the "City Council") <br />adopted Resolution No. 99- (attached as Exhibit B hereto) on May 17, 1999, <br />approving the Conditional Use Permit for the Project, subject to a number of <br />conditions; and <br />Page 222 of 304