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Development Contract—Site Grading Only <br /> Pine Glen <br /> March 13, 2006 <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's <br /> Improvements the City shall require a Performance Bond or <br /> Cash Escrow to cover the warranty provisions of the <br /> agreement. The amount shall be determined by the City <br /> Engineer. <br /> III. CITY'S IMPROVEMENTS <br /> A. No City improvements are proposed under the grading project. <br /> B. Lift Station design will be performed by the City. Plans and specifications will be <br /> prepared and sent to the Developer for use in his/her bidding process. <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 /> Page 8 <br />