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• <br />• <br />• <br />DEVELOPMENT CONTRACT <br />Byrne Langer Addition <br />THIS AGREEMENT made this 25th day of August 2008, 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 Scott and Victoria Byrne 1410 Canfield Road, Hugo, Minnesota 55038 hereinafter <br />referred to as the "Developer ". <br />WHEREAS, the Developer has received preliminary plat approval from the City <br />Council on xxxx, xx, 2008 for a plat of land within the corporate limits of the City known as Byrne <br />Langer Addition, hereinafter called "Subdivision ", said land is legally described to -wit <br />Lot 13, Block 3 of the Clearwater Creek 4th Addition. <br />WHEREAS, the developer is splitting the above described land into two lots, with <br />two additional residences, which will be legally described to -wit <br />Lot 1 and 2, Block 1 of the Bryne Langer Addition. <br />WHEREAS, certain improvements to service the subdivision have been made by a <br />previous development; 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. <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 />