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• <br />• <br />• <br />Development Contract <br />Speiser Acres <br />following: Beginning at Southeast corner of Shenandoah 3rd Addition, thence South 89 degrees <br />17 minutes 25 seconds East, assumed bearing, along South line of said quarter quarter 140.82 <br />feet, thence North 00 degrees 43 minutes 14 seconds East 314.73 feet, thence North 03 degrees <br />20 minutes 01 second West 134.58 feet, thence North 89 degrees 17 minutes 35 seconds West <br />131.09 feet to East line of said Addition, thence South along said East line to point of beginning, <br />also except that part platted as Shenandoah 3rd Addition, except road according to the United <br />States Government Survey thereof and situate in Anoka County, Minnesota. <br />WHEREAS, the Developer requested that the City approve a single family <br />residential development named "Speiser Acres "; and <br />WHEREAS, the Developer has requested the City to allocate MUSA reserve to <br />certain lots within the Subdivision to provide for residential use; and <br />WHEREAS, the Developer is to be responsible for the installation and financing of <br />certain utility connections and access improvements to service the Subdivision; 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; 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. Improvements to be installed at the Developer's expense by the Developer as <br />hereinafter provided are hereinafter referred to as "Developer Improvements ". <br />IL DEVELOPER IMPROVEMENTS <br />A. The Developer shall provide for the building permit the following items: <br />1. Grading Plan <br />a) A final site grading plan, including certified wetland delineation, <br />with maximum two -foot contours and cross sections as necessary <br />shall be submitted and approved by the City prior to <br />commencement of any site grading. <br />page 2 <br />-39D- <br />