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• <br />• <br />• <br />DEVELOPMENT CONTRACT <br />West Shadow Ponds 2nd Addition <br />THIS AGREEMENT made this 1 lth day of April, 2005, 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 Richard S. Carlson Development. LLC whose address is 7671 Central Avenue NE, <br />Fridley. Minnesota 55432 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 West Shadow Ponds 211d <br />Addition, hereinafter called "Subdivision ", said land is legally described to -wit <br />The North 189.08 feet of the South 229.08 feet of the West 230.36 feet of the East 1/2 of the East <br />1/2 of the Southwest 1/� of the Northeast % of Section 32, Township 31, Range 22, Anoka County, <br />Minnesota. <br />WHEREAS, the City has constructed and financed certain improvements to service <br />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 />