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• <br />DEVELOPMENT CONTRACT <br />Legacy Townhomes (Phase I) <br />THIS AGREEMENT made this 24th day of July, 2006, is by and between the City of Lino Lakes, <br />whose address is 600 Town Center Parkway, Lino Lakes, Minnesota, 55014, a municipal <br />corporation organized under the laws of the State of Minnesota, hereinafter referred to as the <br />"City ", and HARTFORD DEVELOPMENT, INC. whose address 1300 Wells Fargo Plaza, 7900 <br />Xerxes Avenue South, Bloomington, MN 55431, 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 LEGACY <br />TOWNHOMES AT WOODS EDGE (the "Plat ") <br />WHEREAS, the Developer intends to develop the first phase of its Legacy <br />Townhomes project on certain parcels of land contained in the Plat, hereinafter called the <br />"Subdivision ". Said land is legally described to -wit <br />Lots 1 -22 Block 1 and Outlot B, LEGACY TOWNHOMES AT WOODS EDGE, <br />ACCORDING TO THE RECORDED PLAT THEREOF, Anoka County, Minnesota, <br />WHEREAS, the Developer requested that the City construct and finance certain <br />improvements to service 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 />