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DEVELOPMENT AGREEMENT <br />THIS AGREEMENT made this. day of , 2018, is by <br />and between the. City of Gem Lake, whose primary address is 4200 Otter Lake Road,. Gerim Lake; <br />Minnesota.55:110, Ramsey County, a municipal corporation organized under the laws of`the State <br />Of Minnesota.,. (the "City"), and Landmark of Anoka LLC, a Minnesota Limited .Liability <br />Company, whose primary address is 13432 Hanson Blvd, NW, Andover, Minnesota 55304 (the <br />"Developer"}. <br />WITNESSETH; <br />WHEREAS, Developer has acquired the property situated in the City of Gem Lake, <br />County of Ramsey, and preliminarily platted and will be platted as Villas of Gem Lake (the. <br />"Villas"]; and. <br />WHEREAS, the Preliminary Plat for Villas was approved by. the City Council of Gem <br />Lake at their special city caunGil meeting, of March 7, .2018; and. <br />WHEREAS, the. Developer has agreed to construct single family homes :and other <br />improvements on the Property as more fully set forth. In this Development Agreement; and <br />WHEREAS; Developer proposes the construction of certain other improvements within <br />said Plat. Said other improvements include the general improvements to serve the Plat (Hereinafter <br />individually and collectively referred to as: the "Required Improvements' ); and <br />WHEREAS, the Developer has prepared final.plans and specifications for the Required <br />Improvements; and <br />WHEREAS, Minnesota Statute §462.358 authorizes the City to enter into a Development <br />Agreement, secured by a performance guarantee for completion of all such improvements. <br />following final approval by the City. Council and prior to the recording of the final plat at Ramsey <br />County; and <br />WHEREASs the City and the Developer have entered into this Development Agreement <br />to document their respective rights and. responsibilities with respect to. the construction of the. <br />improvements; and <br />WHEREAS; the City believes that the Development of the Plat and fulfillment of this <br />Agreement are vital to the best interest of the City of Gent Lake, <br />NOW THEREFORE, in consideration of the premises and the mutual obligations of the <br />parties hereto, each of them does hereby covenant and agree with the other as follows: <br />I <br />