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DEVELOPMENT CONTRACT <br />Hailey Manor <br />THIS AGREEMENT made this 24th day of May, 2004, is by and between the City <br />of Lino Lakes, whose address is 600 Town Center Parkway, Lino Lakes, Minnesota, 55014, a <br />municipal corporation organized under the laws of the State of Minnesota, hereinafter referred to as <br />the "City ", and Frank Feela, Inc. whose address is 11423 National Court NE, Blaine, Minnesota, <br />55449, hereinafter referred to as the "Developer". <br />WHEREAS, the Developer has received preliminary plat approval from the City <br />Council for a plat of land within the corporate limits of the City known as Hailey Manor, <br />hereinafter called "Subdivision ", said land is legally described to -wit <br />Lots 6, 7, and 8 Block 1, and Lot 1, Block 2, Mar Don Acres, Anoka County, Minnesota. <br />WHEREAS, the Developer requested that the City construct and finance certain <br />improvements to service the subdivision; and <br />WHEREAS, the Developer is to be responsible for the installation and financing of <br />certain private improvements within the subdivision; and <br />WHEREAS, Minnesota Statute 429 provides a method for assessing the cost of City <br />installed improvements to the benefited property, and <br />WHEREAS, the City Subdivision Ordinance and Minnesota Statute 462.358 <br />authorize the City to enter into a performance contract secured by cash escrow or other security to <br />guarantee completion and payment of such improvements following final approval and recording of <br />fmal plat; and <br />NOW, THEREFORE, in consideration of the mutual promises of the parties made <br />herein, <br />