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DEVELOPMENT CONTRACT <br />(Site Grading Only) <br />Saddle Club <br />THIS AGREEMENT made this day of , 2014, 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 Royal Oaks Realty whose address is 4196 Lexington Ave, Shoreview, Minnesota <br />55126 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 Saddle Club hereinafter <br />called "Subdivision", as legally described in Attachment A; and <br />WHEREAS, the Developer has requested approval to commence with site grading <br />activities, 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; and <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 />I. DESIGNATION OF IMPROVEMENTS <br />A. Site grading to be completed at the Developer's expense by the Developer as <br />hereinafter provided are hereinafter referred to as "Developer Improvements". <br />