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DEVELOPMENT CONTRACT.FblA SINGLE-PHASE DEVELOPMENT DEVELOPMENT CONTRACT FOR THE LUTHER COMPANY, LLLP TFHS AGREEMENT, made and entered.into on the' 17 day of May , 2022,. by and between the CITY OF Gcm Lake, a: municipality of the State of Minnesota, (hereinafter called the, CITY), and. The Luther Company, LLLP (hereinafter identified as the OWNER. and DEVELOPER). RECITALS: WHEREAS, the DEVELOPER. has- applied. to tiie. *CITY fot approval. of the CONDITIONAL USE PHRMIT WHEREAS, the DEVELOPER has applied to the CITY for approval of the DEVELOPMENT PLANS with the CONDITIONAL USE PERMIT; WHEREAS, in conjunction with the granting of these approvals, the CITY requires the. installation and/or availability public streets; and Public Utilities (Water); WHEREAS, under authority granted to it, including Minnesota Statutes chapters 412, .429, and*462, thc: COUNCIL has agreed to approve the CUP and DEVELOPMENT PLANS oil the. following. conditions: 1, That the 'DEVELOPER enter into this: DEV-FLOPMENT CONTRACT; which. contract def nes the work which the DEVELOPER undertakes to.. complete-, and ,_.... ,;2 .:..... The DEVELOPER shall provide an. irrevocable letter of credit, or cash deposit, in ths-amount.and with conditions satisfactory -to -the CITYk providing forthe-actual construction and instaila Qn of such improvements within the period specified by the CITY: 'Vie WUAS, the DEVELOPER has filed four (4) complete sets of the DEVELOPMENT FLANS with the CIT''Y; WHEREAS, the DEVELOPMENT PLANS have beep prepared by a registered Professional engineer and have been submitted to and approved by the CITY ENGINEER. NOW, THEREFORE, subject. to: the. terms and conditions of this DEVELOPMENT CONTRACT and in reliance upon the representations, warranties and covenants of*the parties herein contained, the CITY, OWNER and DEVELOPER agree as follows;