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<br /> <br /> <br />Development 2 <br /> WHEREAS, the City Council of the City has, by Resolution Number ____________ <br />on July 20, 2020, approved the Preliminary Plat for a major subdivision as proposed by the Developer <br />to be known as "Hugo Gardens”; and, <br /> <br /> WHEREAS, the City Council of the City has, by Resolution Number __________ on <br />___________ , approved the Final Plat for a major subdivision as proposed by the Developer to be <br />known as "Hugo Gardens" ("The Plat"); and, <br /> <br /> <br /> WHEREAS, the Plat proposed a development of an approximately17.61-acre parcel <br />of land into one (1) lot and one (1) outlot; and, <br /> <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); and, <br /> <br /> WHEREAS, the parties hereto desire to set forth their respective rights and obligations <br />of the parties to this Agreement. <br /> <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 /> <br />A. GENERAL ENGINEERING CONDITIONS; <br /> <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 the <br />cost of legal fees, engineering and construction observation fees, administrative expenses, and other <br />costs related to this development. <br /> <br /> All fees and costs incurred by the City in connection with the development <br />shall be charged against said escrow account which shall remain in effect until the expiration of the <br />warranty period for the development in all events said fees and costs shall be the responsibility of the <br />Developer and shall be paid on demand. Any funds remaining in the escrow account after the <br />completion of the warranty period shall be refunded to the Developer. In the event that the escrow <br />account herein is depleted, Developer agrees to post additional funds to replenish the account and to <br />cover projected City costs. Specifically, Developer agrees that the escrow account shall maintain a <br />balance of no less than $5,000.00. Developer shall be entitled, upon request, to an itemized statement <br />of all costs and fees charged against this escrow account. <br /> <br /> 2. Development Plans. In accordance with the policies and Ordinances of the <br />City, and subject to all City Resolutions and approvals in connection herewith, the Developer shall <br />construct the proposed improvements hereinafter collectively called "improvements." All