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DEVELOPMENT CONTRACT <br />(Clearwater Creek Third Addition - Phase One) <br />THIS AGREEMENT made this day of <br />,19, is by and <br />between the City of Lino Lakes, whose address is 1189 Main Street, Lino Lakes, MN 55014, a <br />municipal corporation organized under the laws of the State of Minnesota, hereinafter referred to as <br />the "City ", and Gor -Em LLC whose address is 10738 Hanson Blvd. N.W., Coon Rapids, MN <br />55453 hereinafter referred to as the "Developer ". <br />WHEREAS, the Developer has received approval from the City Council for a plat <br />of land within the corporate limits of the City known as Clearwater Creek Third Addition - Phase <br />One , hereinafter called "Subdivision "; and <br />WHEREAS, the Developer requested that the City construct and finance certain <br />improvements to service the plat; and <br />WHEREAS, the Developer is to be responsible for the installation and financing of <br />certain private improvements within the plat; and <br />WHEREAS, Minnesota Statute 429 provides a method for assessing the cost of City <br />installed improvements to the benefited property. <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 />I. DESIGNATION OF IMPROVEMENTS <br />A. Improvements to be installed at the Developer's expense by the Developer as <br />hereinafter provided are hereinafter referred to as "Developer Improvements ". <br />B. Improvements to be installed by the City and financed by the Developer are <br />hereinafter referred to as "City Improvements ". <br />II. DEVELOPER'S IMPROVEMENTS <br />A. The Developer's Engineer shall prepare, at the Developer's expense, a grading plan, <br />preliminary street and utility plan, a surface water management plan. The <br />Developer shall secure a contractor to install these improvements, said contractor <br />