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185379v4 1 <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />(Space Reserved for Recording Data.) <br /> <br />CERTIFICATE OF COMPLETION <br />AND <br />RELEASE OF DEVELOPMENT AGREEMENT <br /> <br />Date: _______________, 2016 <br /> <br /> WHEREAS, the CITY OF ARDEN HILLS, a Minnesota municipal corporation <br />(“City”), and JOSEPHINE EAST, LLC, a Minnesota limited liability company (“Developer”) <br />entered into a Development Agreement dated August 23, 1999 (“Development Agreement”) and <br />recorded October 11, 1999 as Ramsey County Document No. 1577440.; and <br /> <br /> WHEREAS, as a condition of approval the City sought to provide for the construction of <br />public improvements to serve the development, memorialize certain restrictions on future <br />development, including the ground floor elevation of structures, and provide for subsequent <br />extensions of public facilities and removal of temporary facilities should those extensions occur, <br />notably the future extension of Shoreline Lane and the removal of a temporary cul-de-sac; and <br /> <br /> WHEREAS, Developer has performed and met all requirements of the Development <br />Agreement regarding the construction of the required public improvements and dedication of <br />easements and there is no longer a need to preserve the City’s rights regarding many of these <br />matters as detailed in the Development Agreement as recorded against the property, except that the <br />City reserves the right to enforce paragraphs 1E and 1G of the Development Agreement which state <br />in their entirety as follows: <br /> <br />1.E. Escrow for Future Extension of Shoreline Lane. As part of the Approval, the <br />Developer is not being required to fully improve Shoreline Lane through the <br />entire Property at the present time. In order to assure the availability of funds for <br />the future improvement of Shoreline Lane to the north property line of the <br />Property, the Developer shall deposit with the City the amount of $21,750. Said <br />amount shall be in addition to, and may be co-mingled with, the Improvement <br />Escrow funds referred to in Subsection N below. The escrow shall be held by the <br />City until the completion by the Developer of the improvements effecting the <br />extension of Shoreline Lane to the northerly boundary of the plat. <br />