HomeMy WebLinkAbout#07 - Bridgewater Village DASTAFF REPORT
DATE: September 17, 2024
CONSENT
TO: Mayor and City Council
FROM: Nathan Fuerst, AICP, Consulting City Planner
AGENDA ITEM: Bridgewater Village - Development Agreement
REVIEWED BY: Jason Stopa, Community Development Director
Jack Griffin, City Engineer
Sarah Sonsalla, City Attorney
BACKGROUND:
On May 21, 2024, the City Council adopted Resolution 2024-067 approving the Final Plat for
Bridgewater Village. An executed developer’s agreement is a condition of final plat approval and
is required prior to recording the final plat with Washington County.
ISSUE BEFORE COUNCIL:
Should the City Council adopt Resolution 2024-092 approving the developer agreement for
Bridgewater Village?
REVIEW/ANALYSIS:
A condition of approval of the Bridgewater Village Final Plat is that the developer enter into a
Developer’s Agreement prior to the execution of the plat by City officials. The key aspects of the
agreement include the following components:
• That all public improvements to be completed by June 1, 2026.
• That the developer provide a letter of credit in the amount shown in Exhibit B or as
modified by the City Attorney in consultation with the City Engineer.
• That the developer provide a cash deposit of $216,818 for park dedication and the
engineering administration escrow.
Upon execution of this Agreement, receipt of all fees and securities, recording of the final plat and
the completion of a Preconstruction meeting with the City, and other related requirements listed in
Section 3, construction can commence.
FISCAL IMPACT:
City Council – Staff Report
Page 2
The future financial impacts include maintenance of sanitary sewer mains, watermains and other
public infrastructure, and other public financial responsibilities typically associated with a new
development. The City will collect any necessary building permit fees, Sewer and Water
Availability and Connection Charges and property taxes at the time of building permit application.
OPTIONS:
The City Council is being asked to consider the approval of the developer’s agreement and has the
following options:
1) Adopt Resolution 2024-092 approving the developer agreement for Bridgewater Village;
Or,
2) Direct Staff to amend the draft developer agreement to bring back to a future City Council
meeting.
RECOMMENDATION:
Staff recommends the City Council approve this item adopting Resolution 2024-092 on its consent
agenda, or by approving the developer’s agreement for Bridgewater Village with the following
motion:
“Move to adopt Resolution 2024-092 approving the developer’s agreement for Bridgewater
Village”
ATTACHMENTS:
• Resolution 2024-092
• Bridgewater Village - Development Agreement
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CITY OF LAKE ELMO
WASHINGTON COUNTY
STATE OF MINNESOTA
RESOLUTION NO. 2024-092
A RESOLUTION APPROVING THE DEVELOPMENT AGREEMENT FOR BRIDGEWATER
VILLAGE
WHEREAS, the City of Lake Elmo (the “City”) is a municipal corporation organized and
existing under the laws of the State of Minnesota; and
WHEREAS, Bridgewater Bancshares, Inc. a domestic business corporation (the
“Applicant”) previously submitted an application to the City for a final plat for Bridgewater
Village; and
WHEREAS, the Lake Elmo City Council adopted Resolution No. 2024-067 on May 21,
2024 approving the final plat for Bridgewater Village (the “Resolution”); and
WHEREAS, the conditions of approval of the final plat in the Resolution included a
requirement that the Applicant enter into a development agreement acceptable to the City Attorney
and approved by the City Council that delineates who is responsible for the design, construction,
and payment of the required improvements with financial guarantees therefore; and
NOW, THEREFORE, the City Council of the City of Lake Elmo hereby:
1. Approves the Development Agreement for Bridgewater Village and authorizes the
Mayor and City Clerk to execute it. The City Attorney is authorized to insert or modify
Exhibits of the Development Agreement and to fill in any blanks within the
Development Agreement as needed.
Passed and duly adopted this 17th day of September 2024 by the City Council of the City of Lake
Elmo, Minnesota.
__________________________________
Charles Cadenhead, Mayor
ATTEST:
________________________________
Julie Johnson, City Clerk
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(reserved for recording information)
DEVELOPMENT AGREEMENT
BRIDGEWATER VILLAGE
THIS DEVELOPMENT AGREEMENT is dated ______________, 2024, by and between the
CITY OF LAKE ELMO, a Minnesota municipal corporation (the “City”) and BRIDGEWATER
BANCSHARES, INC., a Minnesota corporation (the “Developer”).
1. REQUEST FOR PLAT APPROVAL. The Developer has asked the City to approve a
plat for BRIDGEWATER VILLAGE (referred to in this Agreement as the “Subdivision”). The
property being platted is situated in the County of Washington, State of Minnesota, and is legally
described on Exhibit A.
2. CONDITIONS OF PLAT APPROVAL. The City hereby approves the Subdivision on the
condition that the Developer enter into this Agreement, furnish the security required by it, and record
the plat with the County Recorder or the Registrar of Titles within 180 days after the City Council
approves the final plat.
3. RIGHT TO PROCEED. This Agreement is intended to regulate the development of the
Subdivision property and the construction therein of certain public and private improvements.
Unless separate written approval has been given by the City for a grading permit or other
approvals within the plat or land to be platted, the Developer may not construct public or private
Subdivision Improvements or any buildings on the Subdivision Property until all the following
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conditions precedent have been satisfied:
A. the Developer has executed and recorded with Washington County all drainage and
utility easements required for the Subdivision by the City Engineer and Public Works
Director in the City’s standard form or the easements have been dedicated to the City in
the plat;
B. this Agreement has been executed by the Developer and the City;
C. the required Security (as hereinafter defined) have been received by the City from or on
behalf of the Developer;
D. final construction plans and specifications and final landscape plans have been submitted
by the Developer and approved by the City Engineer, Fire Chief, and the City’s
Landscape Architect;
E. the Developer has paid the City for all of its legal, engineering, and administrative
expenses incurred by the City regarding the City approvals and has given the City the
additional City Engineering Administrative Escrow required by this Agreement;
F. the Developer has paid any outstanding assessments and taxes for the Subdivision
property;
G. the Developer has fulfilled any park dedication requirements as specified under this
Agreement;
H. the Developer has received all necessary permits from the MPCA, MDH, DNR, MNDOT,
applicable watershed, Washington County, and any other agency having jurisdiction over
the Subdivision;
I. the Developer has provided the City with a certificate of insurance required by this
Agreement;
J. the Developer, the Developer’s engineer, and the Developer’s contractor(s) have initiated
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and attended a preconstruction meeting with the City Engineer, and City staff;
K. the final plat has been recorded with Washington County;
L. a title insurance policy has been issued in the amount of $100,000 in favor of the City
insuring the City’s interests as they appear on the plat;
M. the Developer has executed a stormwater maintenance and easement agreement in the
City’s standard form;
N. the Developer has executed a stormwater reuse irrigation system maintenance and
license agreement in the City’s standard form;
O. the City has issued a written notice that all above conditions have been satisfied and that
the Developer may proceed.
4. PHASED DEVELOPMENT. If the plat is a phase of a multi-phased preliminary plat,
the City may refuse to approve final plats of subsequent phases of the development if the
Developer is not in compliance with any term of this Agreement and the non-compliance has not
been remedied. Development of subsequent phases of the Subdivision may not proceed until
development agreements for such phases are approved by the City. Park dedication charges
and availability charges for sewer and water referred to in this Agreement are not being imposed
on outlots that are designated in the plat for future subdivision into lots and blocks, if any, in the
plat. Such charges will be calculated and imposed when these outlots, if any, are platted into lots
and blocks.
5. CHANGES IN OFFICIAL CONTROLS. For five years from the date of this Agreement,
no amendments to the City's Comprehensive Plan or official controls shall apply to or affect the
use, development density, lot size, lot layout, or dedications of the approved final plat unless
required by state or federal law or agreed to in writing by the City and the Developer. Thereafter,
notwithstanding anything in this Agreement to the contrary, to the full extent permitted by state
law, the City may require compliance with any changes to the City's Comprehensive Plan, official
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controls, platting, or dedication requirements enacted after the date of this Agreement.
6. DEVELOPMENT PLANS. The Developer agrees to develop the Subdivision in
accordance with the City approvals, including the terms and conditions of approval of the final plat
as detailed in City Council Resolutions No. 2024-067 and No. 2024-090, to construct all
improvements in accordance with the approved construction plans and specifications
(collectively, the “Plans”) prepared by a professional engineer licensed in the State of Minnesota
at its sole expense. All terms and conditions of the City approvals are hereby incorporated by
reference into this Agreement. The documents which constitute the Plans are those on file with
and approved by the City. The Plans may not be modified by the Developer without the prior
written approval of the City.
7. IMPROVEMENTS. In developing the Subdivision in accordance with the Plans, the
Developer shall make or install at its sole expense, the following public and private improvements
(collectively, the “Subdivision Improvements”):
A. Grading and erosion control;
B. Sanitary sewer;
C. Water system improvements;
D. Stormwater improvements (storm sewer pipe, control structures, ponds, BMPs,
etc.)
E. Stormwater reuse irrigation system improvements;
F. Streets and sidewalks;
G. Trails;
H. Underground private utilities;
I. Landscaping and screening;
J. Street lighting and signage;
K. Intersection improvements (turn lanes, by-pass lanes, traffic control, etc.);
L. Tree preservation and reforestation;
M. Wetland mitigation and buffers; and
N. Monuments required by Minnesota Statutes.
All improvements shall be installed in accordance with the approved Plans, the City
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approvals, the City Code, the City’s Engineering Design and Construction Standards Manual, and
the City’s Landscape and Stormwater Reuse Irrigation Design Standards. The Developer shall
instruct its engineer to provide adequate field inspection personnel to assure an acceptable level
of quality control to the extent that the Developer's engineer will be able to certify that the
construction work meets the approved Plans, the City approvals, the City Code, the City’s
Engineering Design and Construction Standards Manual, and the City’s Landscape and Irrigation
Standards as a condition of City acceptance. In addition, the City may, at the City’s discretion
and at the Developer’s expense, have one or more City inspectors or a soil engineer inspect the
Developer’s work on a full or part-time basis. The Developer's engineer shall provide for on-site
project management. The Developer's engineer is responsible for design changes and contract
administration between the Developer and the Developer's contractor.
8. CITY ADMINISTRATION AND CONSTRUCTION OBSERVATION. At the time of the
City’s approval of the final plat for the Subdivision, the Developer shall submit to the City an
amount to be escrowed by the City for City administration and construction observation costs in
an amount provided under paragraph 36 of this Agreement - Summary of Cash Requirements.
Thereafter, the Developer shall reimburse the City each month, within 30 days of receiving an
invoice, following submission of an invoice to the Developer, for all administration and
construction observation costs incurred by the City during the construction of the Subdivision
Improvements by the City’s engineering, public works, planning, and landscape architecture staff
and consultants. After 30 days of the invoice, the City may draw upon the escrow and stop work
on the site until the escrow has been replenished in its full amount. City administration and
oversight will include monitoring of construction progress and construction observation,
consultation with the Developer and the Developer’s professionals on status or problems
regarding the project, coordination for testing, final inspection and acceptance, project monitoring
during the warranty period, and processing of requests for reduction in the Security. Construction
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observation shall include, at the discretion of the City, part- or full-time inspection of proposed
public utilities and street construction. The City will bill for the services on an hourly basis.
The direction and review provided by the City through the inspection of the Subdivision
Improvements should not be considered a substitute for the Developer-required management of
the construction of the Subdivision Improvements. The Developer must require the Developer’s
contractor(s) to furnish the City with a schedule of proposed operations at least five days prior to
the commencement of construction for each type of Subdivision Improvement. The City shall
inspect all Developer-installed Subdivision Improvements during and after construction for
compliance with the Plans, the City approvals, the City Code, the City’s Engineering Design and
Construction Standards Manual, and the City’s Landscape and Irrigation Standards. The
Developer will notify the City at such times during construction as the City requires for inspection
purposes based on a schedule established for this purpose. Such inspection is pursuant to the
City’s governmental authority, and no agency or joint venture relationship between the City and
the Developer is thereby created.
9. CONTRACTORS/SUBCONTRACTORS. City Council members, City employees,
and City Planning Commission members, and corporations, partnerships, and other entities in
which such individuals have greater than a 25 percent ownership interest or in which they are an
officer or director may not act as contractors or subcontractors for the Subdivision Improvements
identified in paragraph 6 above.
10. TIME OF PERFORMANCE. Subject to unavoidable delays including adverse weather
conditions, the Developer shall install all required Subdivision Improvements by June 1, 2026.
The Developer may, however, request an extension of time from the City, and the City agrees to
grant a reasonable extension for delays. Such extension will not be the basis for placing the
Developer in default based on the schedule of improvements. If the City grants the time
extension, it shall be conditioned upon updating the Security or escrow posted by the Developer
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to reflect cost increases, if any, and amending this Agreement to reflect the extended completion
date.
11. MAINTENANCE DURING CONSTRUCTION. The Developer shall be responsible for
all maintenance of the Subdivision Improvements including the snow plowing of the streets until
the Subdivision Improvements are accepted by the City in writing. The Developer and its
contractors must adhere to the City’s weight restrictions for all streets both inside and outside of
the Subdivision, regardless of whether said streets are included in the City’s map of streets with
weight restrictions and regardless of whether said streets are fully constructed. The Developer
also is responsible to perform Gopher State One utility locates for all underground utilities until
the Subdivision Improvements are accepted in writing by the City. Warning signs shall be placed
by the Developer when hazards develop in streets to prevent the public from traveling on same
and to direct attention to detours. If and when streets become impassable, such streets shall be
barricaded and closed by the Developer. The Developer and its contractors working on building
or site improvements internal to the site must keep all public streets, including Stillwater Boulevard
and Stillwater Way open to traffic at all times unless a right-of-way obstruction permit is obtained
from the City. The Developer shall be responsible for keeping streets within and outside of the
Subdivision clean and clear of dirt and debris that may spill, track, or wash onto the street from
the Developer’s operations. The Developer shall contract for street cleaning for streets within and
immediately adjacent to the Subdivision until the Subdivision Improvements have been accepted
by the City. At a minimum, scraping and sweeping shall take place on a weekly basis and on a
daily basis during heavy tracking days.
12. LICENSE. The Developer hereby grants the City, its agents, employees, officials, and
contractors a license to enter the Subdivision to perform all work and inspections deemed
appropriate by the City in conjunction with the development of the Subdivision and this
Agreement.
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13. CONSTRUCTION ACCESS AND PARKING. Construction traffic access and egress
for grading, public utility construction, street construction, and all building construction and internal
site work is restricted to access the Subdivision via Stillwater Way at the approved designated
rock construction entrance per the approved erosion control plans. No construction traffic is
permitted on other adjacent local streets. The Developer must maintain adequate access for
emergency vehicles that is acceptable to the City in its sole discretion at all times during
construction.
No traffic obstructions, staging, and no parking is permitted along Stillwater Way North or
along Stillwater Boulevard North (County Road 14) at any time, including loading and unloading of
equipment. All construction staging and parking and loading and unloading of equipment must be
completed internal to the construction site.
The Developer and contractors shall be responsible for the repair and restoration of any
damage to the street, curb, trail, sidewalk, and boulevard caused by the construction activities.
Such work shall meet all City standards and specifications.
14. CONSTRUCTION SEQUENCE AND COMPLIANCE. The City will require the
Developer to construct the Subdivision Improvements in a sequence that will allow progress and
compliance points to be measured and evaluated. The Developer and the Developer’s
representatives are required to supervise and coordinate all construction activities for all
Subdivision Improvements and must notify the City in writing stating when the work is ready for
the inspection at each of the measurable points defined in the following paragraphs.
15. EROSION CONTROL. All construction regarding the Subdivision Improvements shall
be completed in a manner designed to control erosion and in compliance with the City Code, the
City’s Engineering Design and Construction Standards Manual, all watershed district permits, the
Minnesota Pollution Control Agency’s best management practices, and other requirements
including the City’s permit with the Minnesota Pollution Control Agency for the municipal separate
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storm sewer system program. Before initiating any work on the site, the Developer must
implement an erosion control plan and have the City inspect and approve the erosion control
measures. The Developer shall coordinate and install erosion and sediment control measures
with the various stages of development. The City may impose additional erosion control
requirements at any stage in development as deemed necessary to maintain a compliant site.
The Developer shall promptly reseed all areas disturbed for Subdivision Improvements after the
work in the area is complete unless construction of the next stage of the Subdivision
Improvements will begin in that area within seven days. The parties recognize that time is of the
essence in controlling erosion.
If the Developer does not comply with the erosion control plan and schedule or
supplementary instructions received from the City, the City may take such action as it deems
appropriate to control erosion, including the issuance of a stop work order. The City will endeavor
to notify the Developer in advance of any proposed action, but failure of the City to do so will not
affect the Developer’s and City’s rights or obligations hereunder. If the Developer does not
reimburse the City for any cost the City incurred for such work within 10 days, the City may draw
on the Security to pay any costs. The City will not allow any development or site work, utility, or
street construction and the City will not issue any building permits unless the Subdivision is in full
compliance with the approved erosion control plan.
If the City issues building permits before the acceptance of public Subdivision
Improvements, the Developer assumes all responsibility for erosion control compliance
throughout the Subdivision and the City may take such action as allowed by this Agreement
against the Developer for any noncompliant issue as stated above. Erosion control plans for
individual lots will be required in accordance with the City’s building permit requirements, or as
required by the City or City Engineer.
16. SITE GRADING. In order to construct the Subdivision Improvements and otherwise
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prepare the site for development, it will be necessary for the Developer to grade the Subdivision
property. All grading must be done in compliance with this Agreement and the grading plans on
file with the City. Within 30 days after completion of the grading, the Developer shall provide the
City with an “as built” grading plan and a certification by a registered land surveyor or engineer
as required in the City’s Engineering Design and Construction Standards Manual. The City will
not accept the site grading or release the related security until the grading as-built plans have
been received and documents that all construction tolerances have been achieved.
17. STREET AND UTILITY IMPROVEMENTS. All storm sewers, sanitary sewers,
watermain, and streets, including any turn lane or intersection improvements, shall be installed in
accordance with the approved Plans, the City approvals, the City Code, and the City’s
Engineering Design and Construction Standards Manual. Curb and gutter, the first lift of the
bituminous streets, trails, boulevards graded, street signs installed, and all restoration work on
the site shall be completed in accordance with the approved Plans. Once the work is completed,
the Developer or the Developer’s representative shall submit a written request to the City asking
for an inspection of the initial improvements. The City will then schedule a walk- through to create
a punch list of outstanding items to be completed. Upon receipt of the written punch list provided
by the City, the punch list items must be completed by the Developer and the City notified to re-
inspect the improvements. The Developer shall install the final bituminous wear course after the
first bituminous course has weathered a winter season. Before the placement of the final
bituminous wear course, the Developer shall repair or replace all broken or failing curbs, trails
and damaged or settled streets as determined by the City from a pre-wear course walk through
inspection.
18. LANDSCAPING AND TREE REPLACEMENT IMPROVEMENTS.
A. The Developer agrees to install or cause to be installed landscaping in accordance
with the approved Plans, the City approvals, the City Code, the City’s Engineering
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Design and Construction Standards Manual, and the City’s Landscape and Irrigation
Standards. All landscaping materials such as trees, shrubs, grasses, or other
vegetation installed by the Developer must be warrantied and maintained for a period
of two years. The two-year warranty period shall be deemed to start once all required
landscaping identified as responsibility of the Developer in the approved Plans has
received acceptance by the City. The Developer agrees to have the installer
complete an inspection 30 days prior to the end of the two-year warranty period and
provide the City with a written report identifying the condition of all landscaping. In
the event any landscaping installed by the Developer is deemed to be in poor
condition or dead, the Developer is to replace the landscaping with like kind materials
or as otherwise approved by the City.
B. The Developer shall be responsible for maintaining regular watering, fertilizing, and
over-seeding necessary to establish final lawns and yards as identified in the
approved Plans for outlots, public rights-of-way, and any disturbed areas outside the
Subdivision boundaries according to a landscape maintenance plan approved by the
City. The Developer agrees to achieve “substantial performance” on all seeded or
sodded lawns and yards disturbed during the construction of Subdivision
Improvements. For the purpose of this Agreement “substantial performance” shall
be defined for areas seeded or sodded with a turf or lawn mix as “square foot turf
areas with an average blade height of three inches free of eroded, bare, or dead
spots and free from perennial weeds or unwanted grasses with no visible surface
soil.” For areas seeded with a native grass or flower mix “substantial performance”
shall be defined as “square foot native grass or flower areas with an average height
of eight inches free of eroded, bare, or dead spots and no visible surface soil.”
19. SIGNAGE, STREET LIGHTING AND OTHER UTILITIES. The Developer agrees to
install street signs, traffic and parking signs, and pavement markings within the Subdivision all in
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accordance with the approved Plans and the City Engineering Design Standards Manual. Street
and traffic sign details shall be submitted by the Developer to the City for approval before their
installation. In addition, the Developer shall be responsible for the cost and all coordination work
to extend private utilities along with street lighting within the Subdivision all in accordance with
the approved plans and right-of-way permits.
20. OWNERSHIP OF IMPROVEMENTS. Upon completion of the work and construction
required by this Agreement, the Subdivision Improvements lying within public easements shall
become City property. Prior to acceptance of the public Subdivision Improvements by the City,
the Developer must furnish the City with a complete set of reproducible "record" plans and an
electronic file of the "record" plans in accordance with the City’s Engineering Design and
Construction Standards Manual together with the following affidavits:
- Developer/Developer Engineer’s Certificate
- Land Surveyor’s Certificate
certifying that all construction has been completed in accordance with the terms of this
Agreement. All necessary forms will be furnished by the City. Upon receipt of “record plans” and
affidavits, and upon review and verification by the City Engineer that the public Subdivision
Improvements have been completed in accordance with the terms of this Agreement, the City
Engineer will accept the completed public Subdivision Improvements.
21. PARK DEDICATION. The Developer shall pay a cash contribution of $166,818 in
satisfaction of the City's park dedication requirements for the first phase of the development. The
amount of the cash contribution was calculated as follows: 15.47 acres x 10 percent = 1.547
acres. The purchase price for the property is $107,833 per acre. Therefore, the amount of the
cash contribution is $166,818 (1.547 acres x 107,833 $/acre). The park dedication fee shall be
paid by the Developer before the final plat is released to the Developer for recording. Future
residential development on Outlots D and E shall provide parkland dedication at the time of final
plat.
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22. VILLAGE AREA AUAR FEE. The Developer shall be responsible for the payment of
the Village Area Alternative Urban Areawide Review (AUAR) fee as adopted by the City Council
with respect to the environmental review completed by the City. The Village Area Alternative
Urban Areawide Review (AUAR) fee in the amount of $230.00 per REC shall be paid by the
Developer or the Developer’s contractor on behalf of the Developer to the City at the time the City
issues a building permit for each building with the development.
23. SANITARY SEWER AND WATER UTILITY AVAILABILITY CHARGES (SAC AND
WAC). The Developer shall be responsible for the payment of all sewer availability charges
(SAC) and all water availability charges (WAC) with respect to the Subdivision Improvements
required by the City and any state or metropolitan government agency.
The sewer availability charge (SAC) in the amount of $3,000.00 per Residential Equivalent
Charge (“REC”) shall be paid by the Developer or the Developer’s contractor on behalf of the
Developer to the City at the time the City issues a building permit for each building with the
development.
The water availability charge (WAC) in the amount of $3,000.00 per REC shall be paid by
the Developer or the Developer’s contractor on behalf of the Developer at the time the City issues
a building permit for each building within the development.
In addition, a sewer connection charge in the amount of $1,000.00 per REC, a
Metropolitan Council sewer availability charge in the amount of $2,485.00 per REC, and a water
connection charge in the amount of $1,000.00 per REC will be payable by the Developer and
collected by the City at the time the City issues a building permit for each building with the
development.
24. WETLAND MITIGATION. The Developer shall complete wetland mitigation/restoration
in accordance with the approved Plans and in accordance with any applicable Watershed or
agency permits. If the mitigation work is found to be incomplete or restoration is unsuccessful,
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the City may draw down the Security at any time during the warranty period to perform the work
if the Developer fails to take corrective measures after being provided reasonable notice by the
City.
25. BUILDING PERMITS/CERTIFICATES OF OCCUPANCY.
A. The City will not issue any building permits for any lot within the Subdivision, or within
a completed phase of the Subdivision in a City preapproved phasing plan, until such
time that sanitary sewer, water, storm sewer, curbing and one lift of asphalt has been
installed and tested for all public streets; boulevard grading has been completed
within the entire right-of-way (without hold down grading for the future sidewalk or
any other improvements); street and traffic control signs are installed; property
monuments have been installed, grading as-built plans have been submitted and
approved by the City, and the Management Plan for the Stormwater Reuse Irrigation
System has been submitted and approved by the City. A “preapproved phasing
plan” is defined as a phased construction plan that has been submitted by the
Developer and approved by the City in advance of the preconstruction meeting for
the Subdivision. Once the construction has started, the City will not consider
revisions to the phasing plan for the purpose of issuing building permits.
B. The City may issue a building permit for Lot 2, Block 2 if authorized by the City
Community Development Director before the completion of the Subdivision
Improvements described in paragraph 25 (A) above. However, Lot 2, Block 2 shall
have the following in place before the City will allow construction of buildings on Lot
2, Block 2 to proceed:
1. Adequate safe public access for emergency services and contractors, including
a paved bituminous road to the building pad for any buildings which is sufficient
to allow construction to proceed, which may include a temporary bituminous road
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from Stillwater Way depicted and shaded gray in Exhibit C that is identified as
the Emergency and Construction Access Road;
2. A grading as-built plan approved by the City for Lot 2, Block 2 to include the
commercial buildings and all downstream drainage facilities;
3. All storm water drainage facilities that include and are downstream from Lot 2,
Block 2 are in place, meet the approved project plans, and are verified by the
City; and
4. The Developer has installed adequate parking, and sanitary sewer and municipal
water to Lot 2, Block 2.
C. The City will not issue a certificate of occupancy for any building on a Commercial
Lot until:
1. The Commercial Lot has paved street access, parking, and circulation and
meets all City Code requirements;
2. The Developer has installed all the curb and gutter and sidewalks in the
phase of the development in which the Commercial Lot is located;
3. The Developer has installed all storm water facilities for and adjacent to the
Commercial Lot and the storm water facilities down-stream from the
Commercial Lot:
4. All other building and City Code requirements, including but not necessarily
limited to, connection to sanitary sewer and water and all conditions and
improvements identified in paragraph 25 (A) above have been completed,
inspected, verified by as-built surveys, and approved and accepted by the
City.
D. Breach of the terms of this Agreement by the Developer, including nonpayment of
billings from the City, shall be grounds for denial of building permits, certificates of
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occupancy, and withholding of other permits, inspection or actions and the halting of
all work in the Subdivision.
E. If the City issues building permits before the acceptance of the public Subdivision
Improvements by the City, the Developer assumes all liability and costs resulting in
delays in completion of public Subdivision Improvements and damage to public
Subdivision Improvements caused by the City, the Developer, the Developer’s
contractors, subcontractors, materialmen, employees, agents, or any third parties.
F. If the City issues building permits before the construction of sidewalks or trails that
are located in the front yards of lots within the Subdivision, the Developer assumes
responsibility for the coordination, liability and costs related to the construction of the
sidewalks and trails. The Developer must ensure that the sidewalks and trails that
are located in the front yards of lots are constructed, inspected, and accepted by the
City before any driveways or parking lots for these lots are constructed. The
Developer must also construct the sidewalks and trails in such a manner so that they
are constructed continuously from end of street to end of street without any
exceptions or gaps in the sidewalk or trail. There must not be any building
construction on any of the impacted lots during the sidewalk and trail construction
and their associated curing periods in order to prevent any adverse impacts on them
prior to City inspection and approval. All boulevard grading and restoration re-work
must be completed by the Developer immediately following the sidewalk or trail
construction. In the event that the Developer does not adhere to the requirements
in this paragraph, the Developer must immediately complete corrective work to the
sidewalks, trails, and boulevard areas in the manner identified by the City at the
Developer’s expense. All sidewalk and trail corrections must be made by contractors
under the direction of the Developer in accordance with the approved plans and
specifications for the Subdivision. All corrective work must be inspected and
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approved by the City. The Developer agrees that the failure by the Developer to
immediately address corrections identified by the City may result in the City
immediately placing a stop work order on all construction activity within the
Subdivision until the corrections are made to the satisfaction of the City.
G. No sewer and water connection permits may be issued until the streets needed for
access to the Subdivision have been paved with a bituminous surface and the
utilities are tested and approved by the City Engineer.
26. RESPONSIBILITY FOR COSTS.
A. In the event that the City receives claims from labor, materialmen, or others
alleging that work required by this Agreement has been performed and the
amounts due to them have not been paid, and the laborers, materialmen, or others
are seeking payment from the City, the Developer hereby authorizes the City to
commence an Interpleader action pursuant to Rule 22, Minnesota Rules of Civil
Procedure for the District Courts, to draw upon the Security in an amount up to
125 percent of the claim(s) and deposit the funds in compliance with the Rule, and
upon such deposit, the Developer shall release, discharge, and dismiss the City
from any further proceedings as it pertains to the funds deposited with the District
Court, except that the Court shall retain jurisdiction to determine attorneys' fees
pursuant to this Agreement.
B. Except as otherwise specified herein, the Developer shall pay all actual costs
incurred by it or the City in conjunction with the development of the Subdivision,
including but not limited to legal, planning, engineering, and inspection expenses
incurred in connection with the City’s approval and acceptance of the plat and the
Subdivision, the preparation of this Agreement, the City’s review of construction
plans and documents, and all costs and expenses incurred by the City in
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monitoring and inspecting development of the Subdivision. All amounts incurred
and due to the City at the time of the recording of the final plat must be fully paid
by the Developer prior to the City executing and releasing the final plat for
recording.
C. The Developer shall hold the City and its officials, employees, and agents harmless
from claims made by itself and third parties for damages sustained or costs
incurred resulting from the City’s approval of the plat and the development of the
Subdivision unless caused by the negligence, action, or inaction of the City. The
Developer shall indemnify and defend the City and its officials, employees, and
agents for all costs, damages, or expenses that the City may pay or incur in
consequence of such claims, including attorneys' fees.
D. The Developer shall reimburse the City for costs incurred in the enforcement of
this Agreement, including reasonable engineering and attorneys' fees.
E. The Developer shall pay, or cause to be paid when due, and in any event before
any penalty is attached, all special assessments referred to in this Agreement. This
is a personal obligation of the Developer and shall continue in full force and effect
even if the Developer sells one or more lots, the entire Subdivision, or any portion
of it.
F. The Developer shall pay in full all bills submitted to it by the City through the
established escrow for obligations incurred under this Agreement within 30 days
after receipt. Bills not paid by the Developer within 30 days shall be assessed a
late fee per the City adopted fee schedule. Upon request, the City will provide
copies of detailed invoices of the work performed by the City and its consultants.
27. CITY PAYMENTS. The City shall reimburse the Developer in the amount of $44,828.00
for oversizing costs associated with the installation of 12-inch water main as identified on the
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Plans. City payments shall be made within 30 days of the City’s final acceptance of the
Subdivision Improvements, but only if the Developer is not in default with respect to any terms of
this Agreement. This payment by the City shall be the City’s only responsibility with regard to
construction of the Subdivision Improvements and in no case shall act as a waiver of any other
right of the City under this Agreement or under applicable laws, ordinances or rules.
28. SPECIAL PROVISIONS. The following special provisions shall apply to the Subdivision
and include the Conditions of Approval of the Final Plat and Plans that are contained in City
Council Resolutions No. 2024-067 and No. 2024-090:
A. All storm water facilities internal to the Subdivision shall be privately owned and
maintained. A storm water maintenance and easement agreement in the City’s
standard form must be executed by the Developer and recorded with the final plat.
B. The Developer shall enter into a Stormwater Reuse Irrigation System Maintenance
and Easement Agreement with the City, in the City’s standard form of Agreement,
that clarifies the individuals or entities responsible for the operation, maintenance,
and continued use of the stormwater reuse irrigation system in accordance with the
Subdivision’s stormwater management permitting requirements.
C. If applicable, the Developer shall provide the City with a copy of written permission
from adjacent property owners for any off-site grading work or storm sewer
discharges to adjacent properties before starting any work on the Property.
D. Before the installation or construction of any signs within the Subdivision, the
Developer shall submit sign plans to the City for review and obtain sign permits from
the City.
29. MISCELLANEOUS.
A. The Developer may not assign this Agreement without the written permission of the
City Council. The Developer's obligations hereunder shall continue in full force and
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effect even if the Developer sells the Subdivision or any portion of it.
B. Retaining walls that require a building permit shall be constructed in accordance with
plans and specifications prepared by a professional engineer licensed by the State
of Minnesota. Following construction, a certification signed by the design engineer
shall be filed with the City Engineer evidencing that the retaining wall was
constructed in accordance with the approved Plans. All retaining walls identified on
the Plans or by special conditions referred to in this Agreement shall be constructed
before any other building permit is issued for a lot on which a retaining wall is
required to be built.
C. Declarations, easements, covenants, and restrictions and other documents related
to the operation and maintenance of shared improvements within the Subdivision
shall be submitted to the City prior to recording of the final plat for review and
approval by the City Attorney.
D. The Developer shall take out and maintain or cause to be taken out and maintained
until six months after the City has accepted the public Subdivision Improvements,
public liability and property damage insurance covering personal injury, including
death, and claims for property damage which may arise out of Developer's work or
the work of its subcontractors or by one directly or indirectly employed by any of
them.
Limits for bodily injury and death shall be not less than $500,000 for one person and
$1,500,000 for each occurrence; limits for property damage shall be not less than
$200,000 for each occurrence; or a combination single limit policy of $1,500,000 or
more. The City shall be named as an additional insured on the policy, and the
Developer shall file with the City a certificate of insurance evidencing coverage prior
to the City signing this Agreement. The certificate shall provide that the City must
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be given 30 days’ advance written notice of the cancellation of the insurance.
E. Third parties shall have no recourse against the City under this Agreement.
F. If any portion, section, subsection, sentence, clause, paragraph, or phrase of this
Agreement is for any reason held invalid, such decision shall not affect the validity
of the remaining portions of this Agreement.
G. The action or inaction of the City shall not constitute a waiver or amendment to the
provisions of this Agreement. To be binding, amendments or waivers shall be in
writing, signed by the parties and approved by written resolution of the City Council.
The City's failure to promptly take legal action to enforce this Agreement shall not be
a waiver or release.
H. This Agreement shall run with the land and may be recorded against the title to the
Subdivision property at the Developer’s expense. The Developer covenants with the
City, its successors and assigns, that it is the fee owner of the Subdivision and has
obtained consents to this Agreement, in the form attached hereto, from all parties
who have an interest in the Subdivision property, including, but not limited to,
mortgagees; that there are no unrecorded interests in the Subdivision property being
final platted; and the Developer will indemnify, defend, and hold the City harmless
for any breach of the foregoing covenant. Notwithstanding the foregoing, following
Developer’s completion of the requirements under this Agreement, at the
Developer’s written request, the City will execute and deliver to the Developer a
release of this Agreement, in recordable form.
I. Each right, power, or remedy herein conferred upon the City is cumulative and in
addition to every other right, power, or remedy, express or implied, now or hereafter
arising, available to City, at law or in equity, or under any other agreement, and each
and every right, power, and remedy herein set forth or otherwise so existing may be
exercised from time to time as often and in such order as may be deemed expedient
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by the City and shall not be a waiver of the right to exercise at any time thereafter
any other right, power, or remedy.
J. The Developer represents to the City that the Subdivision and the Subdivision
Improvements comply or will comply with all City, County, metropolitan, state, and
federal laws and regulations, including but not limited to subdivision ordinances,
zoning ordinances, and environmental regulations. If the City determines that the
Subdivision is not in compliance, the City may, at its option following written notice
and a reasonable opportunity to cure, refuse to allow construction work on the
Subdivision until it is brought into compliance. “Reasonable” shall be defined for
these purposes as the City’s estimate as to the amount of time it would take the
Developer to bring the Subdivision into compliance. Upon the City’s demand, the
Developer shall cease work until there is compliance.
30. EVENTS OF DEFAULT. The following shall be "Events of Default" under this
Agreement and the term "Event of Default" shall mean, whenever it is used in this Agreement,
any one or more of the following events:
A. Subject to unavoidable delays, and following written notice and an opportunity to
cure, failure by the Developer to commence and complete construction of the
Subdivision Improvements pursuant to the terms, conditions, and limitations of this
Agreement.
B. Failure by the Developer, following written notice and an opportunity to cure, to
substantially observe or perform any material covenant, condition, obligation, or
agreement on its part to be observed or performed under this Agreement.
31. REMEDIES ON DEFAULT. Whenever any Event of Default occurs, the City, subject
to any rights of third parties agreed to by the City pursuant to this Agreement, or otherwise by
written, executed instrument of the City, may take any one or more of the following:
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A. The City may suspend its performance under the Agreement until it receives
assurances from the Developer, deemed adequate by the City that the Developer
will cure its default and continue its performance under the Agreement. Suspension
of performance includes the right of the City to withhold permits, including, but not
limited to, building permits and certificates of occupancy.
B. The City may initiate such action, including legal or administrative action, as is
necessary for the City to secure performance of any provision of this Agreement or
recover any amounts due under this Agreement from the Developer, or immediately
draw on the Security, as set forth in this Agreement.
32. ENFORCEMENT BY CITY; DAMAGES. The Developer acknowledges the right of
the City to enforce the terms of this Agreement against the Developer, by action for specific
performance or damages, or both, or by any other legally authorized means. In the event of a
default by the Developer as to construction or repair of any of the Subdivision Improvements or
any other work or undertaking required by this Agreement, the City may, at its option and following
written notice and an opportunity to cure, perform the work and the Developer shall promptly
reimburse the City for any expense incurred by the City. This Agreement is a license for the City
to act, and it shall not be necessary for the City to seek an order from any court for permission to
enter the Subdivision for such purposes. If the City does such work, the City may, in addition to
its other remedies, levy special assessments against the land within the Subdivision to recover
the costs thereof. For this purpose, the Developer, for itself and its successors and assigns,
expressly waives any and all procedural and substantive objections to the special assessments,
including, but not limited to, hearing requirements, and any claim that the assessments exceed
the benefit to the land so assessed. The Developer, for itself and its successors and assigns,
also waives any appeal rights otherwise available pursuant to Minnesota Statutes Section
429.081.
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The Developer also acknowledges that its failure to perform any or all of the Developer’s
obligations under this Agreement may result in substantial damages to the City; that in the event
of default by the Developer, the City may commence legal action to recover all damages, losses
and expenses sustained by the City; and that such expenses may include, but are not limited to,
the reasonable fees of legal counsel employed with respect to the enforcement of this Agreement.
33. WARRANTY. During the warranty period, the Developer warrants that all Subdivision
Improvements will be free from defects and that they will continue to meet all technical
specifications and standards. During the warranty period, the Developer agrees to repair or
replace any Subdivision Improvement, or any portion or element thereof, which shows signs of
failure, normal wear and tear excepted. If the Developer fails to repair or replace a defective
Subdivision Improvement during the warranty period, the City may repair or replace the defective
portion and may draw upon the Security to reimburse itself for such costs. The Developer agrees
to reimburse the City fully for the cost of all Subdivision Improvement repair or replacement if the
cost thereof exceeds the remaining amount of the Security. Such reimbursement must be made
within 45 days of the date upon which the City notifies the Developer of the cost due under this
paragraph. The Developer hereby agrees to permit the City to specially assess any unreimbursed
costs against the Subdivision if the Developer fails to make required payments to the City. The
Developer, on behalf of itself and its successors and assigns, acknowledges the benefit to the
Subdivision of the repair or replacement of the Subdivision Improvements and hereby consents
to such assessment and waives the right to a hearing or notice of hearing or any appeal thereon
under Minnesota Statutes, Chapter 429.
A. The required warranty period for all work relating to the public sewer and water shall
be two years from the date of final written City acceptance of the work.
B. The required warranty period for all work relating to public street construction
including the turn lanes and related improvements on Stillwater Way, the concrete
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curb and gutter, trails and sidewalks, materials and equipment shall be one year
from the date of final written City acceptance of the work.
C. The required warranty period for sod, trees, and landscaping is two years from the
date of final written City acceptance of the installation.
D. The required warranty period for stormwater reuse improvements is one year from
the date of the City’s issuance of the certificate of occupancy for at least one
Subdivision lot in this phase.
34. SUMMARY OF SECURITY REQUIREMENTS. To guarantee compliance with the
terms of this Agreement, payment of special assessments, payment of the costs of all public
Subdivision Improvements, and construction of all public Subdivision Improvements, the
Developer shall furnish the City with an irrevocable letter of credit or cash escrow or a combination
of a cash escrow and a letter of credit (the “Security") in the amount of $XXXXXXX. The bank
originating the letter of credit shall be determined by the City to be solvent and creditworthy. The
letter of credit shall substantially be in the form attached to this Agreement and must be approved
by the City. The amount of the Security was calculated as itemized on Exhibit B. If at any time
the City reasonably determines that the bank issuing the letter of credit no longer satisfies the
City’s requirements regarding solvency and creditworthiness, the City shall notify the Developer
and the Developer shall provide to the City within 45 days a substitute for the letter of credit from
another bank meeting the City’s requirements. If the Developer fails to provide the City within 45
days with a substitute letter of credit from an issuing bank satisfactory to the City, the City may
draw under the existing letter of credit.
This breakdown is for historical reference; it is not a restriction on the use of the Security.
The City may draw upon the Security, without notice, for any violation of the terms of this
Agreement or if the Security is allowed to lapse prior to the end of the required term. If the required
Subdivision Improvements are not completed at least 30 days prior to the expiration of the
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Security, the City may also draw upon it. If the Security is drawn upon, the proceeds shall be
used by the City to cure the default.
35. REDUCTION OF SECURITY. Upon written request by the Developer and upon receipt
of proof satisfactory to the City Engineer that work has been completed in accordance with the
approved Plans and the terms of this Agreement and that all financial obligations to the City have
been satisfied, the City Engineer may approve reductions in the Security in the following
instances:
A. Up to 75 percent of the Security associated with the itemization on Exhibit B may
be released upon completion of the following key milestones of the project as
determined by the City Engineer:
1. Construction Categories 2 and 3: The amount of $753,905 may be released
when all sanitary sewer and watermain utilities have been installed, all
testing and televising has been successfully completed, sanitary sewer as-
built inverts have been verified, and the utilities are considered ready for
use by the City Engineer.
2. Construction Categories 4 and 5: The amount of $2,539,124 may be
released when all streets, sidewalks, trails, and storm sewer have been
installed and tested, and have been found to be complete to the satisfaction
of the City Engineer including all corrective work for any identified punch
list items and including verification of storm sewer as-built inverts, but not
including the final wear course.
3. Construction Categories 6-10 and 14-17: The amount of $712,892 may be
released when all remaining Developer’s obligations under this Agreement
have been completed including: (1) bituminous wear course; (2) street
lighting and traffic signs; (3) private utilities; (4) stormwater facilities; (5)
turf is established and all erosion and sedimentation control has been
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removed; (6) iron monuments for lot corners have been installed; (7) all
financial obligations to the City satisfied; (8) the required "record" plans in
the form of the City standards have been received and approved by the
City; and (9) the public Subdivision Improvements are accepted by the City
Engineer and the City Council.
4. Construction Categories 11, 12 and 13: The amount of $XXX,XXX may be
released when Developer Landscaping Subdivision Improvements, Tree
Preservation and Restoration work, and Wetland Mitigation and Buffers
have been completed and installed to the satisfaction of the City including
all corrective work for any identified punch list items.
5. Construction Category 18: The amount of $XXX,XXX, or XX% of the
original security amount for this category, may be released when all
Stormwater Reuse pump and mainline Improvements have been installed
to the satisfaction of the City including all corrective work for any identified
punch list items, and the Stormwater Reuse System is operational for XX%
of the intended service properties. The amount of $XXX,XXX, or XX% of
the original security amount for this category, may be released when the
Stormwater Reuse System is operational for XX% of the intended service
properties.
B. Twenty-five percent of the original Security amount, excluding grading and
landscaping improvements shall be retained until: (1) all Subdivision
Improvements have been fully completed and accepted by the City, including all
corrective work and warranty punch list items; (2) all financial obligations to the
City have been satisfied; and (3) the warranty period has expired.
C. Twenty-five percent of the original Security amount associated with Landscaping
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Improvements, Tree Preservation and restoration, and Wetland mitigation and
buffers shall be retained by the City until: (1) all Landscaping Improvements have
been fully completed and accepted by the City, including all corrective work and
warranty punch list items being completed by the Developer; (2) all financial
obligations to the City have been satisfied; and (3) the warranty period has expired.
D. Twenty-five percent of the original Security amount associated with Stormwater
Reuse System shall be retained by the City until: (1) all Stormwater Reuse
improvements have been fully completed and accepted by the City, including all
corrective work and warranty punch list items being completed by the Developer;
(2) all financial obligations to the City have been satisfied; and (3) the warranty
period has expired.
36. SUMMARY OF CASH REQUIREMENTS. The following is a summary of the cash
requirements under this Agreement which must be paid to the City prior to the execution of this
Agreement by the City:
Park Dedication: $166,818
City Engineering Administration Escrow: $50,000
TOTAL CASH REQUIREMENTS: $216,818
37. NOTICES. Required notices to the Developer shall be in writing, and shall be either hand
delivered to the Developer, their employees or agents or mailed to the Developer by certified mail
at the following addresses: Bridgewater Bancshares, Inc., 4450 Excelsior Blvd., STE 100,
Minneapolis MN, 55416 Attn: Jerry Baack (jerry.baack@bwbmn.com). Notices also may be
delivered to the Developer via email to the above email addresses, provided that a hard copy of
the notice is also delivered by certified mail or hand delivery. Notices to the City shall be in writing
and shall be hand delivered to the City Administrator or mailed to the City by certified mail in care
of the City Administrator at the following address: Lake Elmo City Hall, 3880 Laverne Avenue N,
Lake Elmo, Minnesota 55042. Notices may also be delivered to the City Administrator via email,
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provided that a hard copy of the notice is also delivered by certified mail or hand delivery.
38. EVIDENCE OF TITLE. The Developer shall furnish the City with evidence of fee
ownership of the Subdivision property being platted by way of a title insurance policy dated not
earlier than 30 days prior to the execution of the plat.
39. COMPLIANCE WITH LAWS. The Developer agrees to comply with all laws,
ordinances, regulations, and directives of the state of Minnesota and the City applicable to the
Subdivision property. This Agreement shall be construed according to the laws of the state of
Minnesota.
40. SEVERABILITY. In the event that any provision of this Agreement shall be held invalid,
illegal, or unenforceable by any court of competent jurisdiction, such holding shall pertain only to
such section and shall not invalidate or render unenforceable any other provision of this
Agreement.
41. NON-WAIVER. Each right, power, or remedy conferred upon the City by this Agreement
is cumulative and in addition to every other right, power, or remedy, express or implied, now or
hereafter arising, or available to the City at law or in equity, or under any other agreement. Each
and every right, power, and remedy herein set forth or otherwise so existing may be exercised
from time to time as often and in such order as may be deemed expedient by the City and shall
not be a waiver of the right to exercise at any time thereafter any other right, power, or remedy.
If either party waives in writing any default or nonperformance by the other party, such waiver
shall be deemed to apply only to such event and shall not waive any other prior or subsequent
default.
42. COUNTERPARTS. This Agreement may be executed simultaneously in any number of
counterparts, each of which shall be an original and shall constitute one and the same Agreement.
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CITY OF LAKE ELMO
By: ____________ __________________ Charles Cadenhead Its: Mayor By: __________________ _____________ Julie Johnson Its: City Clerk
STATE OF MINNESOTA )
) ss.
COUNTY OF WASHINGTON )
The foregoing instrument was acknowledged before me this ___ day of ________________,
2024, by Charles Cadenhead and Julie Johnson, the Mayor and City Clerk, respectively, of the
City of Lake Elmo, a Minnesota municipal corporation, on behalf of the corporation and pursuant
to the authority granted by its City Council.
NOTARY PUBLIC
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BRIDGEWATER BANCSHARES, INC.
BY: ___________ ___________
ITS: _______ _______________________
STATE OF __________ )
) ss.
COUNTY OF ________ )
The foregoing instrument was acknowledged before me this ________ day of
______________, 2024, by Jerry Baack as __________ of Bridgewater Bancshares, Inc., a
Minnesota corporation, on behalf of the corporation.
__________________________________
NOTARY PUBLIC
DRAFTED BY:
City of Lake Elmo
3880 Laverne Avenue North
Lake Elmo, MN 55042
(651) 747-3901
A-1
LA515\137\947791.v5
EXHIBIT A TO
DEVELOPMENT AGREEMENT
Legal Description of the Property
B-1
LA515\137\947791.v5
EXHIBIT B TO
DEVELOPMENT AGREEMENT
Subdivision Improvements Cost/Security Amount Estimate
CONSTRUCTION CATEGORY COST 125 percent
1 Grading
NA NA
2 Sanitary Sewer $310,530 $388,163
3 Watermain
$493,635 $617,044
4 Storm Sewer (includes pond
structures and outfall pipes)
$632,912 $791,140
5 Street and Sidewalks $2,075,487 $2,594,359
6 Trails $95,940 $119,925
7 Surface Water Facilities (ponds,
infiltration basins, other BMPs)
$234,180 $292,725
8 Street Lighting $36,000 $45,000
9 Street and Traffic Signs $12,430 $15,538
10 Private Utilities (electricity, natural gas,
telephone, and cable)
NA NA
11 Landscaping Improvements
$ $
12 Tree Preservation and Restoration NA NA
13 Wetland Mitigation and Buffers NA NA
14 Monuments
$4,500 $5,625
15 Erosion and Sedimentation Control
16 Stillwater Way Turn Lanes
$136,959
$230,409
$171,199
$288,011
17 Developer’s Record Drawings
$10,000 $12,500
18 Stormwater Reuse Irrigation System $210,786 $263,483
TOTALS $ $
LA515\137\947791.v5
EXHIBIT C TO
DEVELOPMENT AGREEMENT
Temporary Emergency and Construction Access Road
[to be added upon approval by City]
LA515\137\947791.v5
FORM OF IRREVOCABLE LETTER OF CREDIT
No.__________________
Date: ________________
TO: City of Lake Elmo
Dear Sir or Madam:
We hereby issue, for the account of (Name of Developer) and in your favor, our
Irrevocable Letter of Credit in the amount of $___________ available to you by your draft drawn on sight
on the undersigned bank.
The draft must:
a) Bear the clause, "Drawn under Letter of Credit No.____________, dated ______________, 20___, of
(Name of Bank)" ;
b) Be signed by the Mayor or City Administrator of the City of Lake Elmo.
c) Be presented for payment at (Address of Bank) , on or before 4:00 p.m. on
November 30, 20___.
We hereby agree that all sight drafts drawn under and in conformity with the terms of this Letter of Credit
will be duly honored if drawn and presented for payment together with the documents required herein to
[INSERT NAME AND ADDRESS OF BANK AND CONTACT PERSON] if presented before _____p.m. on
or before the expiration date. Presentations may be made by certified mail, return receipt requested, or by
Federal Express or any other recognized courier company.
This Letter of Credit shall automatically renew for successive one -year terms unless, at least forty-five (45)
days prior to the next annual renewal date (which shall be November 30 of each year), the Bank delivers
written notice to the Lake Elmo City Administrator that it intends to modify the terms of, or cancel, this Letter
of Credit. Written notice is effective if sent by certified mail, postage prepaid, and deposited in the U.S. Mail,
at least forty-five (45) days prior to the next annual renewal date addressed as follows: City Administrator,
City Hall, 3880 Laverne Ave. N., Lake Elmo Minnesota 55042 and is actually received by the City
Administrator at least thirty (30) days prior to the renewal date.
This Letter of Credit sets forth in full our understanding which shall not in any way be modified, amended,
amplified, or limited by reference to any document, instrument, or agreement, whether or not referred to
herein.
This Letter of Credit is not assignable. This is not a Notation Letter of Credit. More than one draw may be
made under this Letter of Credit.
This Letter of Credit shall be governed by the most recent revision of the Uniform Customs and Practice for
Documentary Credits, International Chamber of Commerce Publication No. 500.
We hereby agree that a draft drawn under and in compliance with this Letter of Credit shall be duly honored
upon presentation.
BY:
Its: ______________________________