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• <br />• <br />• <br />the requested reduction. Prior to the final acceptance <br />of the Developer's Improvements the City shall <br />require a Performance Bond or Cash Escrow to cover <br />the warranty provisions of the agreement. The <br />amount shall be determined by the City Engineer. <br />III. CITY IMPROVEMENTS <br />A. No City improvements are proposed under this project <br />IV. RECORDING AND RELEASE <br />A. The Developer agrees that the City shall have the right to record a copy of <br />this Development Contract with the Anoka County Recorder to give notice <br />to future purchasers and owners. This shall be recorded against the property <br />described on Page 1 hereof Upon completion of the project to the City's <br />satisfaction, the City shall provide to Developer release from the terms and <br />conditions of this Development Contract subject to provisions contained in <br />this contract. <br />V. REIMBURSEMENT OF COSTS <br />A. The Developer agrees to establish a non - interest bearing escrow account <br />with the City in an amount determined by the City Administrator or his <br />designee for the payment of all costs incurred by the City related to the <br />development of this project and the Developer Improvements including, but <br />not limited to, the following: <br />Administration (Legal, Engineering, Planning, $5,000 <br />Environmental, and Contract Administration) <br />Land Use Application Review (Estimate) <br />$400 <br />Total Escrow Required: <br />$5,400 <br />Total Escrow Required: <br />Less the Balance of Existing Escrow <br />$5,400 <br />$4,900 <br />Escrow Deposit Required: <br />$ 500 <br />B. If the above escrow amounts are insufficient, the developer shall make <br />such additional deposits as required by the City. The City shall have a <br />right to reimburse itself from the Escrow. <br />Page 7 of 12 <br />