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<br /> <br />Liberty Classical Academy 2 <br /> <br /> WHEREAS, the City Council of the City has, by Resolution Number 2024-___ and <br />on June 3, 2024, approved the site plan and conditional use permit for the Liberty Classical <br />Academy building addition ; and, <br /> <br /> WHEREAS, the developer has proposed a development of an approximately <br />_______ acre parcel of land for an approximately ____________ square foot school; 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 Project. <br /> <br /> All fees and costs incurred by the City in connection with the Project shall <br />be charged against said escrow account which shall remain in effect until the expiration of the <br />warranty period for the Project, as defined in paragraph 7, in all events said fees and costs shall be <br />the responsibility of the Developer and shall be paid on demand. Any funds remaining in the <br />escrow account after the completion of the warranty period shall be refunded to the Developer. In <br />the event that the escrow account herein is depleted, Developer agrees to post additional funds to <br />replenish the account and to cover projected City costs. Specifically, Developer agrees that the <br />escrow account shall maintain a balance of no less than $5,000.00. Developer shall be entitled, <br />upon request, to an itemized 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 />grade the site and construct all public streets, utility, and storm drainage improvements (hereinafter <br />referred to as the "Improvements"). All Improvements shall be constructed and installed pursuant <br />to the terms and conditions herein set forth in accordance with the plans approved and listed on <br />Exhibit A, subject to all City resolutions and approvals listed in Exhibit B, subject to final approval <br />by the City, and in accordance with City standards and requirements including those listed herein.