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CITY OF CENTERVILLE <br /> ESCROW AGREEMENT FOR DEVELOPMENT <br /> This Escrow Agreement is entered into effective this 24th day of October 2018 by and <br /> between the CITY OF CENTERVILLE (the "City"), and Elmcrest Vistas, a Minnesota limited <br /> liability corporation, (the "Developer"), its successors and assigns, and provides for the <br /> following: <br /> RECITALS: <br /> 1. Developer has applied for land use permissions from the City for the development of real <br /> property (the"Real Property"), respectively, legally described as: <br /> The North half of the North half of the Northwest quarter of the Southeast quarter <br /> of Section 14, Township 31, Range 22, except the public road, subject to <br /> easements of record; <br /> and, <br /> The South half of the North half of the Northwest quarter of the Southeast quarter <br /> of Section 14, Township 31, Range 22, except the public road, subject to <br /> easements of record. <br /> 2. The City will expend resources processing said land use applications and in other efforts <br /> for the development of the Real Property. <br /> 3. Pursuant to City Ordinances, the City must collect cost escrows for a variety of land use <br /> and remediation measures including, but not limited to site maintenance, financial security, <br /> ground cover, screening, grading, stormwater pollution plan, staff, engineering and legal costs. <br /> 4. The escrow sums in this Agreement do not include applicable governmental fees. <br /> NOW THEREFORE,in consideration of the foregoing and the mutual covenants <br /> hereinafter set forth, the parties hereto agree as follows: <br /> 5. Creation of Account. There is hereby created and established with the City the <br /> following special and separate account to be held by the City and designated in the name of the <br /> Developer on land use applications tendered by the Developer(the "Developer Account"). <br /> 6. Deposit to Account. Concurrently with the execution and delivery of this Agreement, <br /> and, if applicable, pursuant to the provisions of a Site or Development Agreement, Developer <br /> herewith deposits with the City, and the City acknowledges receipt and deposit into the <br /> Developer Account, an interest-bearing account, the sum of Five-Thousand and No/100 Dollars <br /> ($5,000.00), and thereafter additional funds as may be added (the "Escrow Funds). <br /> Page 1 of 4 <br /> 111 <br />