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Development Contract — Site Grading Only <br />Marshan Meadows <br />October 10, 2005 <br />III. CITY'S IMPROVEMENTS <br />A. No City improvements are proposed under the grading project. <br />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 />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 plat and <br />the Developer Improvements including, but not limited to, the following (See <br />attachment B for Breakdown of costs): <br />1. Plat Review Fee <br />2. Planner Review Fee <br />3. Administration - 3% Construction Cost <br />4. Engineering <br />a) Administration <br />5. Legal - Plat Review <br />6. Publications <br />B. If the above escrow amounts are insufficient, the developer shall make such <br />additional deposits as required by the City. The City shall have a right to <br />reimburse itself from the Escrow. <br />VI. BUILDING PERMITS <br />A. The Developer agrees that building permits may be issued upon approval of the <br />Final Plat by the City Council at which time all required Financial Security shall be <br />in place with the City. The Developer further agrees that City Sewer, Water, Storm <br />Sewer, and Bituminous Base Construction of the Streets, temporary street signs, gas, <br />electric, and telephone will be completed prior to the issuance of building permits. <br />page 8 <br />