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<br /> <br />Acres of Bald Eagle 2 <br /> <br /> WHEREAS, the City Council of the City has, by Resolution Number 2021-___ on <br />July 19, 2021, approved the Preliminary Plat for a major subdivision as proposed by the Developer <br />to be known as "Acres of Bald Eagle" ; and, <br /> <br /> WHEREAS, the City Council of the City has, by Resolution Number 2021-____ on <br />July 19, 2021, approved the Final Plat for a major subdivision as proposed by the Developer to be <br />known as "Acres of Bald Eagle" ("The Plat"); and, <br /> <br /> WHEREAS, the Plat proposed a development of an approximately 13 acre parcel of <br />land into 9 Residential Lots 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 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 <br />the 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 <br />statement 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