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Otter Crossing <br />Development Agreement <br />May 10, 2021 <br /> page 6 <br />and disease free for 12 months after planting. Prior to final acceptance of the Developer <br />Improvements the City shall require a Performance Bond or Cash Escrow to cover the <br />warranty provisions of this Agreement. The amount shall be determined by the City <br />Engineer. <br />12. Dedication. The Developer shall dedicate to the City, at no cost to the City, any <br />permanent or temporary easements that may be necessary for the construction and <br />installation of the Developer Improvements. All such easements required by the City <br />shall be in writing, in recordable form, containing such terms and conditions as the City <br />shall determine. <br />13. Ownership of Improvements. Upon completion and City acceptance of the work and <br />construction required by this Agreement, the public improvements lying within public <br />rights-of-way and easements shall become City property without further notice or <br />action unless the improvements are to be deemed private infrastructure. <br />14. Recording and Release. The Developer agrees that the terms of this Development <br />Agreement shall be a covenant on any and all property included in the Subdivision. The <br />Developer agrees that the City shall have the right to record a copy of this Development <br />Agreement with the Anoka County Recorder to give notice to future purchasers and <br />owners. This shall be recorded against the Subdivision described on Page 1. <br />15. Escrow for City’s Costs. <br />a. The Developer agrees to establish a non-interest bearing escrow account with <br />the City in an amount determined by the City Administrator or their designee for <br />the payment of all costs incurred by the City related to the development of the <br />Subdivision including, but not limited to, the following (See Exhibit B for <br />breakdown of costs): <br />i. Planning/ Review <br />ii. Administration – 3% of Developer Improvement Costs <br />iii. City Engineering and Legal <br />iv. Street lighting installation (no public street lights required) <br />v. Traffic signing improvements <br />vi. Boulevard tree planting <br />vii. Street, storm sewer and pond maintenance