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DRAFT <br />DEVELOPMENT CONTRACT & <br />PLANNED UNIT DEVELOPMENT AGREEMENT <br />Saddle Club <br />THIS AGREEMENT made this day of . 2014, 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 DuPont Holdings. LLC whose address is 1000 County Road E West. Suite 150. <br />Shoreview, MN 55126. hereinafter referred to as the 'Developer." <br />WHEREAS. the Developer has received preliminary plat approval from the City Council by <br />Resolution No. 14-15 for a plat of land within the corporate limits of the City known as Saddle <br />Club. hereinafter called "Subdivision." as legally described in Attachment A; and <br />WHEREAS, the development stage is Saddle Club First Addition. <br />WHEREAS, the Developer requested a Site Grading Development Contract to complete <br />site grading prior to the Final Plat of Saddle Club First Addition; and <br />WHEREAS. the City Council approved the Site Grading Development Contract by <br />Resolution No. 14-74: and <br />WHEREAS. the Developer is to be responsible for the installation and financing of certain <br />private improvements within the Subdivision; and <br />WHEREAS. the City Subdivision Ordinance and Minnesota Statute sections 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 />the 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 AS FOLLOWS: <br />I. DEVELOPER IMPROVEMENTS <br />a. Improvements to be installed by the Developer and financed by the Developer are <br />hereinafter referred to as "Developer Improvements." <br />• <br />• <br />