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<br /> <br />Rice Lake Reserve 2 <br /> <br /> WHEREAS, the City Council of the City has, by Resolution Number 2020-9 on <br />January 6, 2020, approved the preliminary plat for a major subdivision as proposed by the <br />Developer to be known as "Rice Lake Reserve" ; and, <br /> <br /> WHEREAS, the City Council of the City has, by Resolution Number 202-8 on <br />January 6, 2020, approved the PUD general plan for a major subdivision as proposed by the <br />Developer to be known as " Rice Lake Reserve " ; and, <br /> <br /> WHEREAS, the City Council of the City has, by Resolution Number ______ on <br />November 16, 2020 approved the final plat for a major subdivision as proposed by the Developer to <br />be known as " Rice Lake Reserve " (hereinafter referred to as the "Plat"); and, <br /> <br /> WHEREAS, the Plat proposed a development of an approximately 35 acre parcel of <br />land into 42 residential lots and 6 outlots; 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 <br />obligations 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 <br />the cost of legal fees, engineering and construction observation fees, administrative expenses, and <br />other costs related to this Plat. <br /> <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.