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• <br />DEVELOPMENT CONTRACT <br />The Village No. 5 <br />THIS AGREEMENT made this day of March, 2013, is by and between the <br />City 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 Lino Lakes Assisted Living, LLC, a Minnesota limited liability company, whose <br />address is P.O. Box 6124, St. Cloud, MN 56302 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 The Village No. 5 <br />hereinafter called "Subdivision," said land is legally described to -wit (the "Property"): <br />Lot 4, Block 1, and Outlot A, The Village No. 4, Anoka County, Minnesota <br />WHEREAS, the Developer is to be responsible for the installation and financing of <br />certain public and private improvements within the Subdivision; and <br />WHEREAS, said public and private improvements include grading, drainage, <br />sanitary sewer, 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 />NOW, THEREFORE, in consideration of the mutual promises of the parties made <br />herein, <br />IT IS AGREED BY AND BETWEEN THE PARTIES HERETO: that the <br />S. \Community Develonment\Projects\ PLANNING CASES\Lino Lakes Assisted Living Addition \Anreements\Development Contract \Development Contract Citv Review 6- <br />7.docx <br />