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S:\Community Development \Projects \_PLANNING CASES \Lino Lakes Assisted Living Addition \Agreements \Development Contract \Development_Contract City Review 6 - 7.docx F:\DATA \22701 \003 \Development_Contract (REDLINED 4 -3).docx DEVELOPMENT CONTRACT The Village No. 5 THIS AGREEMENT made this _____ day of March, 2013 , is by and between the City of Lino Lakes, whose address is 600 Town Center Parkway, Lino Lakes, Minnesota, 55014, a municipal corporation organized under the laws of the State of Minnesota, hereinafter referred to as the "City ," and Lino Lakes Assisted Living, LLC , a Minnesota limited liability company, whose address is P.O. Box 6124, St. Cloud, MN 56 302 hereinafter referred to as the "Developer ." WHEREAS, the Developer has received preliminary plat approval from the City Council for a plat of land within the corporate limits of the City known as The Village No. 5 hereina fter called “Subdivision ,” said land is legally described to -wit (the “Property”): Lot 4, Block 1, and Outlot A, The Village No. 4, Anoka County, Minnesota 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 include grading, drainage, sanitary sewer, water, and driveway improvements ; and WHEREAS, the City Subdivision Ordinance and Minnesota Statute 46 2.358 authorize the City to enter into a performance contract secured by cash escrow or other security to guarantee completion and payment of such improvements following final approval and recording of final plat. NOW, THEREFORE, in consideration of the m utual promises of the parties made herein, IT IS AGREED BY AND BETWEEN THE PARTIES HERETO: that the