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• <br />• <br />DEVELOPMENT CONTRACT <br />Highland Meadows East 2"d Addition <br />THIS AGREEMENT made this 28th day of March, 2005, 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 TSM Development whose address is 222 Monroe Street, Anoka, Minnesota, 55303, <br />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 Highland Meadows East <br />2nd Addition, hereinafter called "Subdivision ", said land is legally described to -wit <br />Outlot A, HIGHLAND MEADOWS EAST, ACCORDING TO THE RECORDED PLAT THEREOF, <br />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. <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 />herein, <br />NOW, THEREFORE, in consideration of the mutual promises of the parties made <br />• IT IS AGREED BY AND BETWEEN THE PARTIES HERETO: that the <br />