1998-09-23 Packet - Laserfiche WebLink

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Woods of Clearwater Creek Development Agreement DRAFT August 27, 1998 C. Construction shall be completed to the standards and specifications described in the plans and specifications entitled Woods of Clearwater Creek Streets and Utilities. d. The Developer shall provide a Disbursement Agreement as Security for the construction of the Street and Utility Improvements as referenced in paragraph B above, Street and Utility Improvements. e. As outlined in the Disbursement Agreement, the City shall give written notice to the Developer and the Lender whether the City approves or rejects the Street and Utility Improvements pay estimate through that particular stage of construction submitted for approval. f. The Developer agrees to pay a portion of the cost of the watermain loop Connection between Brian Drive and Revoir Street, as defined by the watermain loop south and east of the northeast comer of the Park property Adjacent to the plat. g. The Developer shall provide a cash escrow in the amount of $10,000 to pay for utility and street improvements to the cul -de -sac to extend Brian Drive in the future to the property north of the development. 3. Security and Required Payment Therefor Prior to the preparation of final plans and specifications for the construction of said improvements, the Developer shall provide to the City a cash escrow in an amount indicated in writing to provide for financing the cost of preparing said final plans and specifications by the City Engineer. Furthermore, the Developer shall also provide a cash escrow to the City in an amount indicated in writing to provide for financing the cost of inspection, staking, and construction administration by the City Engineer. Said cash escrow, including accrued interest thereon, may be used by the City upon default by Developer. C. RECORDING AND RELEASE The Developer agrees that the terms of this Development Contract shall be a covenant on any and all property included in the Subdivision. The Developer agrees that the City shall have the right to record a copy of this Development Contract with the Anoka County Recorder to give notice to future purchasers and owners. This shall be recorded against the Subdivision described on page 1 hereof. D. REIMBURSEMENT OF COSTS The Developer agrees to fully reimburse the City for all costs incurred by the City including, but not limited to, the actual costs of construction of said improvements, engineering fees, legal fees, inspection fees, interest costs, costs of acquisition of necessary easements, if any, and any other costs incurred by the Cite relating to this Development Contract and the installation and financing of the aforementioned improvements. E. OCCUPATION OF PREMISES The Developer further agrees that they will not cause to be occupied any premises upon the plat or any property within the plat until the completion of the gas, electric, telephone, water, and sewer improvements required by this Page 6