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• <br />DEVELOPMENT CONTRACT <br />Hailey Manor — Site Grading Only <br />THIS AGREEMENT made this 27th day of October, 2003, is by and between the <br />City 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, Lot 1, Block 2, Mar Don Acres, Anoka County, Minnesota. <br />WHEREAS, the Developer has requested approval to commence with site grading <br />activities, 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 />final plat; and <br />NOW, THEREFORE, in consideration of the mutual promises of the parties made <br />herein, <br />IT IS AGREED BY AND BETWEEN THE PARTIES HERETO: that the <br />