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DEVELOPMENT CONTRACT <br />Century Farm North 2 " Addition <br />THIS AGREEMENT made this 26th day of April, 2004, 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 Century Farm North Development, Inc. whose address is 3157 Berwick Knoll., <br />Brooklyn Park, Minnesota 55443 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 Century Farm North 2' <br />Addition, hereinafter called "Subdivision ", said land is legally described to -wit <br />Outlot D, Outlot E, and Outlot H, CENTURY FARM NORTH, Anoka County, <br />Minnesota. <br />WHEREAS, the Developer requested that the City construct and fmance 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 />