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WHEREAS, the City Council of the City has, by Resolution Number 2017-11 on <br />Mayl, 2017, approved the preliminary plat for a major subdivision as proposed by the Developer to <br />be known as "Adelaide Landing" ; and, <br />WHEREAS, the City Council of the City has, by Resolution Number 2017-10 on <br />May 1, 2017, approved the PUD general plan for a major subdivision as proposed by the Developer <br />to be known as " Adelaide Landing " ; and, <br />WHEREAS, the City Council of the City has, by, Resolution Number _ <br />on October 2, 2017, approved the final plat for a major, subdivision as proposed by the Developer to <br />be known as " Adelaide Landing " (hereinafter referred to as the "Plat"); and, <br />WHEREAS, the Plat proposed a development of an approximately 216 acre parcel <br />of land into 81 residential lots and 6 outlots; and, <br />WHEREAS, it is the ,policy of the City` -to `enter into development contracts as <br />contemplated in Minnesota Statutes §462.358, Subd. 2(a); arid,, h <br />WHEREAS, the parties hereto desire to set forth _ their respective rights and <br />obligations of the parties to this'Agreement. <br />NOW, THEREFORE, in consideration of the premises and of the mutual promises <br />and conditions contained herein, it is agreed by the parties hereto as follows: <br />A. GENERAL ENGINEERING CONDITIONS; <br />1. Escrow for City ,Costs and Fees. Developer shall, contemporaneously with <br />the execution of this Agreement, deposit with the City an escrow as outlined in Exhibit C to cover <br />the cost of legal fees, engineering and construction observation fees, administrative expenses, and <br />other costs related to this Plat. <br />All .fees and costs incurred by the City in connection with the Plat shall be <br />charged against said escrow account which shall remain in effect until the expiration of the <br />warranty period for the Plat, as defined in paragraph 7, in all events said fees and costs shall be the <br />responsibility of the Developer and shall be paid on demand. Any funds remaining in the escrow <br />account after the completion of the warranty period shall be refunded to the Developer. In the event <br />that the escrow account herein is depleted, Developer agrees to post additional funds to replenish <br />the account and to cover projected City costs. Specifically, Developer agrees that the escrow <br />account shall maintain a balance of no less than $5,000.00. Developer shall be entitled, upon <br />request, to an itemized statement of all costs and fees charged against this escrow account. <br />Adelaide Landing <br />2 <br />