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Highland Meadows East 2nd Addition <br />Development Agreement <br />3 -28 -2005 <br />guaranteeing the terms and conditions of this contract. The <br />Irrevocable Letter of Credit shall be automatically extended <br />for additional periods of one year from present or future <br />expiration dates unless thirty (30) days prior to such the City <br />Clerk or Administrator is notified in writing by certified mail <br />that the Letter of Credit will not be renewed. <br />b) Reduction of Escrow Guarantee. <br />(1) The Developer may request reduction of the Letter of Credit, <br />or cash deposit based on prepayment or the value of the <br />completed improvements at the time of the requested <br />reduction. Prior to the final acceptance of the Developer <br />Improvements the City shall require a Performance Bond or <br />Cash Escrow to cover the one -year warranty provisions of <br />the agreement. The amount shall be determined by the City <br />Engineer. <br />III. CITY IMPROVEMENTS <br />A. There are no new City Improvements for this project. <br />40 IV. RECORDING AND RELEASE <br />A. The Developer agrees that the terms of this Development Contract shall be a <br />covenant on any and all property included in the Subdivision. The Developer agrees <br />that the City shall have the right to record a copy of this Development Contract with <br />the Anoka County Recorder to give notice to future purchasers and owners. This <br />shall be recorded against the Subdivision described on Page 1 hereof. City shall <br />provide to Developer upon payment of all the special assessments levied against a <br />parcel, a release of such parcel from the terms and conditions of this Development <br />Contract subject to provisions contained in this contract. <br />• <br />V. REIMBURSEMENT OF COSTS <br />A. The Developer agrees to establish a non - interest bearing escrow account with the <br />City in an amount determined by the City Administrator or his designee for the <br />payment of all costs incurred by the City related to the development of the <br />Subdivision and the Developer Improvements including, but not limited to, the <br />following (See Attachment B for breakdown of costs): <br />1. Plat Review Fee <br />2. Planner Review Fee <br />3. Administration - 3% Construction Cost <br />page 7 <br />- 5 0 - <br />