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• Development Contract Foxborough August 22, 2005 distance of 1304.74 feet to the northeast corner of said Southwest Quarter of the Northwest Quarter; thence South 25 degrees 18 minutes 53 seconds West 387.05 feet; thence North 22 degrees 00 minutes 26 seconds West a distance of 377.62 feet to said north line; thence North 89 degrees 57 minutes 28 seconds West along said north line a distance of 332.74 feet; thence South 64 degrees 53 minutes 35 seconds West a distance of 729.37 feet to the west line of said Southwest Quarter of the Northwest Quarter; thence North 00 degree 50 minutes 22 seconds West along said west line 310.00 feet to the point of beginning. WHEREAS, the Developer requested that the City construct and finance certain improvements to service the subdivision; and WHEREAS, the Developer is to be responsible for the installation and financing of certain private improvements within the subdivision; and WHEREAS, Minnesota Statute 429 provides a method for assessing the cost of City installed improvements to the benefited property, and WHEREAS, the City Subdivision Ordinance and Minnesota Statute 462.358 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; and • NOW, THEREFORE, in consideration of the mutual promises of the parties made herein, • IT IS AGREED BY AND BETWEEN THE PARTIES HERETO: that the I. DESIGNATION OF IMPROVEMENTS A. Improvements to be installed at the Developer's expense by the Developer as hereinafter provided are hereinafter referred to as "Developer Improvements ". B. Improvements to be installed by the City and financed by the Developer are hereinafter referred to as "City Improvements ". II. DEVELOPER'S IMPROVEMENTS A. The Developer's Engineer shall prepare, at the Developer's expense, a grading plan, preliminary street and utility plan, a surface water management plan. The Developer shall secure a contractor to install these improvements; said contractor shall be approved by the City at its ABSOLUTE discretion. All Developer improvements shall require City inspection and approval and, where appropriate, the approval of any other governmental agency having jurisdiction. The Developer will construct and install at Developer's expense the following improvements according to the following temis and conditions: page 2 - 5 1 -