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Lyngblomsten at Lino Lakes Addition <br />Development Agreement <br />July 26, 2021 <br /> page 7 <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. Upon <br />request of Developer at any time following completion of the Developer Improvements <br />and expiration of the warranty periods provided in Section 11, the City shall execute <br />such documentation as is reasonably necessary to release the Subdivision, or applicable <br />portion thereof, from this Agreement. <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 his or her <br />designee for the payment of all costs incurred by the City related to the <br />development of the Subdivision including, but not limited to, the following (See <br />Exhibit C for breakdown of costs): <br />i. Planning/ Review <br />ii. Administration - 3% of those Developer Improvement Costs set forth on <br />Exhibit C <br />iii. City Engineering <br />iv. Public Street lighting installation (by utility company, developer to <br />initiate) <br />v. Traffic signing improvements <br />vi. Street, storm sewer and pond maintenance <br />vii. Property Taxes. Should the recording of the Final Plat occur after July 1st, <br />any and all property taxes on any public property dedicated as a part of <br />this plat shall be the responsibility of the Developer. <br />b. If the above escrow amounts are insufficient, the Developer shall make such <br />additional deposits as required by the City. The City shall have a right to <br />reimburse itself from the Escrow with suitable documentation supporting the <br />charges. <br />16. Developer Fees. At the time of execution of this Agreement, the Developer shall pay <br />the following fees related to the development of the Subdivision (See Exhibit C for <br />breakdown of costs):