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DEVELOPMENT CONTRACT <br />Marshan Meadows Second Addition <br />THIS AGREEMENT made this day of January, 2014, is by and between <br />the City of Lino Lakes, whose address is 600 Town Center Parkway, Lino Lakes, Minnesota, <br />55014, a municipal corporation organized under the laws of the State of Minnesota, hereinafter <br />referred to as the "City," and Albert J. Shober and Sherri A. Shober, husband and wife whose <br />address is 7332 Stage Coach Trail, Lino Lakes, MN 55014 hereinafter referred to as the <br />"Developer". <br />WHEREAS, the Developer has received preliminary plat approval from the City Council <br />for a plat of land within the corporate limits of the City known as Marshan Meadows Second <br />Addition hereinafter called "Subdivision," as shown in Attachment A and is legally described as <br />follows: <br />Lot 1, Block 1, Marshan Meadows, Anoka County, Minnesota. <br />WHEREAS, the Developer is splitting the above described land into two lots with one <br />existing residence and one additional residence, which will be legally described to -wit <br />Lot 1 and 2, Block 1, Marshan Meadows Second Addition <br />WHEREAS, certain improvements to service the subdivision have been made by a <br />previous development; and <br />WHEREAS, the Developer is responsible for the installation and financing of certain private <br />improvements within the subdivision; and <br />WHEREAS, the City Subdivision Ordinance and Minnesota Statutes section 462.358 <br />authorize the City to enter into a performance contract secured by cash escrow or other security <br />to guarantee completion and payment of such improvements following final approval and <br />recording of final plat. <br />NOW, THEREFORE, in consideration of the mutual promises of the parties made herein, <br />IT IS AGREED BY AND BETWEEN THE PARTIES HERETO: that the <br />