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<br />Adelaide Landing 7th Addition 2 <br /> <br /> WHEREAS, the City Council of the City has, by Resolution Number 2017-11 on <br />May 1, 2017, approved the preliminary plat for a major subdivision as proposed by the Developer <br />to be known as "Adelaide Landing" ; and, <br /> <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 /> <br /> WHEREAS, the City Council of the City has, by Resolution Number 2019-21 on <br />Mary 6, 2019, approved a PUD amendment for the major subdivision; and <br /> <br /> WHEREAS, the City Council of the City has, by Resolution Number 2023-____ on <br />July 10, 2023, approved the final plat for a major subdivision as proposed by the Developer to be <br />known as " Adelaide Landing 7th Addition " (hereinafter referred to as the "Plat"); and, <br /> <br /> WHEREAS, the Plat proposed a development of an approximately 3.5 acre parcel <br />of land into 6 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 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