05-28-13 Council Packet - Laserfiche WebLink

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DEVELOPMENT CONTRACT Main Street Shoppes THIS AGREEMENT made this _____ day of May, 2013, is by and between the City of Lino Lakes, whose address is 600 Town Center Parkwa y, Lino Lakes, Minnesota, 55014, a municipal corporation organized under the laws of t he State of Minnesota, hereinafter referred to as the “City,” and CM Properties 14, LLC whose addr ess is 3470 Washington Drive, Suite 102, Eagan, MN 55122 hereinafter referred to as the “Dev eloper.” WHEREAS, the Developer has received preliminary pla t approval from the City Council for a plat of land within the corporate limits of t he City known as Main Street Shoppes hereinafter called “Subdivision,” said land is lega lly described as follows: The West Half of the Northeast Quarter of the North east Quarter of Section 24, Township 31, Range 22, Anoka County, Minnesota, including Pa rcels 4B and 5A of Anoka County Highway Right of Way Plat No. 65, subject to easeme nts of record. WHEREAS, the Developer is to be responsible for the installation and financing of certain public and private improvements within the Subdivision; and WHEREAS, said public and private improvements inclu de grading, drainage, sanitary sewer, water, storm sewer, and a private access dri veway (the “Improvements”); and WHEREAS, the City Subdivision Ordinance and Minneso ta Statutes section 462.358 authorize the City to enter into a performance cont ract secured by cash escrow or other security to guarantee completion and payment of such improve ments following final approval and recording of final plat. NOW, THEREFORE, in consideration of the mutual prom ises of the parties made herein, IT IS AGREED BY AND BETWEEN THE PARTIES HERETO: tha t the I. DEVELOPER IMPROVEMENTS A. Improvements to be installed by the Developer and f inanced by the Developer are hereinafter referred to as “Developer Improvements.”