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"Beaver Ponds 5th Addition, " ("The Plat") ; and, <br /> WHEREAS, the Plat proposes a development of an <br /> approximately 22 . 74 acre parcel of land into forty-one (41) single <br /> family lots; and, <br /> WHEREAS, the Plat is the further development of Outlot <br /> A of Beaver Ponds 3rd Addition; and, <br /> WHEREAS, it is the policy of the City to enter into <br /> development contracts as contemplated in Minnesota Statutes <br /> 0462 . 358, Subd. 2 (a) ; and, <br /> WHEREAS, the parties hereto desire to set forth their <br /> respective rights and obligations of the parties to this <br /> Agreement. <br /> NOW, THEREFORE, in consideration of the premises and of <br /> the mutual promises and conditions contained herein, it is agreed <br /> by the parties hereto as follows: <br /> 1. Escrow for City Costs and Fees. Developer shall, <br /> contemporaneously with the execution of this Agreement, deposit <br /> with the City an escrow of Ten Thousand Dollars ($10, 000. 00) to <br /> cover the cost of legal fees, engineering fees, administrative <br /> expenses, and other costs related to this development. <br /> All fees and costs incurred by the City in <br /> connection with the development shall be charged against said <br /> escrow account which shall remain in effect until the completion <br /> Rev. 06/11/05 <br />