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2003-11-12 CC Packet
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2003-11-12 CC Packet
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<br />'. <br /> <br />Lakeland Hills <br />Development Agreement <br /> <br />DEVELOPER'S COpy <br />FINAL January 5, 1998 <br /> <br />d. The Developer shall provide a Disbursement Agreement as Security for the <br />construction of the Street and Utility Improvements as referenced in paragraph <br />B above, Street and Utility Improvements. <br /> <br />e. As outlined in the Disbursement Agreement, the City shall give written notice <br />to the Developer and the Lender whether the City approves or rejects the <br />Street and Utility Improvements pay estimate through that particular stage of <br />construction submitted for approval. <br /> <br />3. Security and Reqp.ired Payment Therefor. Prior to the preparation of final plans <br />and specifications for the construction of said improvements, the Developer shall <br />provide to the City a cash escrow in an amount indicated in writing to provide for <br />financing the cost of preparing said final plans and specifications by the City <br />Engineer. Furthermore, the Developer shall also provide a cash escrow to the City <br />in an amount indicated in writing to provide for financing the cost of inspection, <br />staking, and construction administration by the City Engineer. Said cash escrow, <br />including accrued interest thereon, may be used by the City upon default by <br />Developer. <br /> <br />C. RECORDING AND RELEASE. The Developer agrees that the terms of this <br />Development Contract shall be a covenant on any and all property included in the <br />Subdivision. The Developer agrees that the City shall have the right to record a copy of <br />this Development Contract with the Anoka County Recorder to give notice to future <br />purchasers and owners. This shall be recorded against the Subdivision described on page <br />1 hereof. <br /> <br />D. REIMBURSEMENT OF COSTS. The Developer agrees to. fully reimburse the City <br />for all costs incurred by the City including, but not limited to, the actual costs of <br />construction of said improvements, engineering fees, legal fees, inspection fees, interest <br />costs, costs of acquisition of necessary easements, if any, and any other costs incurred by <br />the City relating to this Development Contract and the installation and financing of the <br />aforementioned improvements. <br /> <br />E. OCCUP A nON OF PREMISES. The Developer further agrees that they will not cause <br />to be occupied any premises upon the plat or any property within the plat until the <br />completion of the gas, electric, telephone, water, and sewer improvements required by <br />this Development Contract have been installed, unless the City has agreed in writing to <br />waive this requirement as to a specific premises. Furthermore, Developer shall be <br />granted no certificates of occupancy for homes within the plat prior to substantial <br />completion of all Private and Street and Utility Improvements described in this <br />Agreement, including the base course layer of pavement. Building Permits shall be <br />issued only within the constraints of Section A, Part 2b. <br /> <br />260/083-1904.feb <br /> <br />Page 7 <br />
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