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• <br />DEVELOPMENT AGREEMENT <br />Vaughan Addition <br />THIS AGREEMENT made this llth 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 Mike Vaughan. LLC whose address is 600 Birch Street, Lino Lakes, Minnesota <br />55038, hereinafter referred to as the "Developer ". <br />WHEREAS, the Developer has received Conditional Use permit approval for a <br />residential planned unit development from the City Council for a plat of land within the corporate <br />limits of the City known as Vaughan Addition, hereinafter called "Subdivision ", said land is legally <br />described to -wit <br />LEGAL DESCRIPTION: <br />That part of the North 345.8 feet of the Southeast 1/4 of Southwest 1/4 of Section 29, Township 31 <br />North, Range 22 West, lying East of the West 879.46 feet, except the East 60 feet thereof. <br />WHEREAS, the Developer is to be responsible for the installation and financing of <br />certain private improvements within the Subdivision; and <br />WHEREAS, said private improvements include grading, drainage, sanitary sewer, <br />water, and driveway improvements; and <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. <br />