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Parkview Addition DRAFT C O P Y <br /> Development Agreement May 22 1998 <br /> DEVELOPMENT CONTRACT <br /> PARKVIEW ADDITION <br /> (City Installed Improvements) <br /> THIS AGREEMENT, made this of 1998, is by and between the City of <br /> Centerville, whose address is 1880 Main Street, Centerville, MN 55038, a municipal corporation <br /> organized under the law of the State of Minnesota, hereinafter referred to as the "City," and <br /> Richard S. Carlson, as President of Parkview of Centerville, Inc., a Minnesota corporation, on <br /> behalf of the corporation, hereinafter referred to as the "Developer." <br /> WHEREAS the Developer has received approval from the City Council for a preliminary plat of <br /> land within the corporate limits of the City known as Parkview Addition, hereinafter called <br /> "Subdivision;" and <br /> WHEREAS the Developer has requested that the City construct and finance certain <br /> improvements to serve the plat; and <br /> WHEREAS the Developer is to be responsible for the installation and financing of certain private <br /> improvements within the plat; and <br /> WHEREAS the Developer has petitioned the City of Centerville to undertake certain public <br /> improvements within the plat; and <br /> WHEREAS said City Subdivision Ordinance and Minnesota Statute 462.358 authorize the City <br /> to enter into a performance contract secured by a bond, cash escrow, or other security to <br /> guarantee completion and payment of such improvements following final approval and recording <br /> of final plat; and <br /> WHEREAS Minnesota Statute 429 provides a method for assessing the cost of City - installed <br /> improvements to the benefited property; <br /> NOW, THEREFORE, in consideration of the mutual promises of the parties made herein, <br /> IT IS AGREED BY AND BETWEEN THE PARTIES HERETO: <br /> A. DEVELOPER IMPROVEMENTS <br /> The Developer will construct and install at Developer's expense the general improvement <br /> construction according to ordinance #8, Section 38.01 and other improvements specific to <br /> the development herein set forth. <br /> 1. Cost of Developer's Improvements, description: <br /> a. Street name signs (installed by the City) <br /> Approximately 3 @ $250 /each $750.00 <br /> b. Traffic signs, stop sign, dead -end, etc. <br /> (Installed by City) <br /> Approximately 5 @ $200 1each $1,000.00 <br /> c. Utility markers <br /> Approximately 10 @ $200 /each $2,000.00 <br /> \ \SPNWFS \VOLI \DATATROJ \260089m 1089- 1405.may.DevAgree.doe Page 1 <br />