2018-10-24 CC Packet - Laserfiche WebLink

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CITY OF CENTERVILLE ESCROW AGREEMENT FOR DEVELOPMENT This Escrow Agreement is entered into effective this 24th day of October 2018 by and between the CITY OF CENTERVILLE (the "City"), and Sharper Communities, a Minnesota limited liability corporation, (the "Developer"), its successors and assigns, and provides for the following: RECITALS: 1. Developer has applied for land use permissions from the City for the development of real property legally described as: The North half of the Northeast Quarter of the Southeast Quarter of Section 14, Township 31 North, Range 22 West, Anoka County, Minnesota, except the following described property: That part of said North half of the Northeast Quarter of the Southeast Quarter of Section 14, Township 31 North, Range 22 West, Anoka County, Minnesota, described as follows: Beginning at the Southeast corner of said North half of the Northeast Quarter of the Southeast Quarter; thence North 125 feet along the Eastern line of said Section 14; thence Westerly 348.5 feet on a line parallel to the South line of said North half of the Northeast Quarter of the Southeast Quarter; thence Southerly 125 feet to a point on the South line of said North half of the Northeast Quarter of the Southeast Quarter; thence Easterly 348.5 feet to the place of beginning. 2. The City will expend resources processing said land use applications and in other efforts for the development of the Real Property. 3. Pursuant to City Ordinances, the City must collect cost escrows for a variety of land use and remediation measures including, but not limited to site maintenance, financial security, ground cover, screening, grading, stormwater pollution plan, staff, engineering and legal costs. 4. The escrow sums in this Agreement do not include applicable governmental fees. NOW THEREFORE, in consideration of the foregoing and the mutual covenants hereinafter set forth, the parties hereto agree as follows: 5. Creation of Account. There is hereby created and established with the City the following special and separate account to be held by the City and designated in the name of the Developer on land use applications tendered by the Developer(the "Developer Account"). 6. Deposit to Account. Concurrently with the execution and delivery of this Agreement, and, if applicable, pursuant to the provisions of a Site or Development Agreement, Developer herewith deposits with the City, and the City acknowledges receipt and deposit into the Page 1 of 4 116