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DEVELOPMEI~T A~KEEHENT <br /> <br /> CITY OF KAHSE¥ <br />ANOKA CO~TY~ MINNESOTA. <br /> <br />THE NORTH FORTY <br /> <br />Development agreement by and between the City of Ramsey, Minnesota (City) <br />and Richard J. Sybrant, a single person (Developer). <br /> <br />WITNESSETH: <br /> <br /> WHEREAS, the Developer is the owner of certain real property situated <br />in Anoka County, Minnesota, located in the City of Ramsey, the legal <br />description of which property is as follows: <br /> <br /> The Northwest Quarter of the-Northwest Quarter of Section 16, Township <br /> 32, Range 25, Anokh County, Minnesota. <br /> <br />hereinafter "subject property"; a~d <br /> <br /> WHEREAS, the City has approved the plat of the subject proper~y which <br />is known as THE NORTH FOR.""f and is hereinafter referred to as "the plat" <br />contingent upon the Developer and City entering into this Development <br />Agreement; and <br /> <br /> WHEREAS, the Developer desires to effect the recording of the plat <br />with the Anoka County Recorder, upon the execution and approval thereof by <br />the City. <br /> <br /> NOW THEREFORE, in consideration of the mutual covenants and promises <br />contained herein, it is agreed as follows: <br /> <br />IMPROVEMENTS. The Developer shall be responsible for the <br />construction of improvements as shown on the plat and as directed <br />by the City Engineer, in accordance with City standards and <br />specifications. These improvements shall include, but are not <br />limited to the construction of Alpaca and Chameleon Streets N.W. <br />and 163rd Lane N.W. including bituminous surfacing and related <br />ditches, grading, backsloping and drainage. The Developer shall <br />be responsible for any expense associated with the construction of <br />these improvements. The Developer shall restore all disturbed <br />areas as specified by the City Engineer. The location and <br />specifications for the improvements shall be as shown on the <br />attached plans, which plans ara attached hereto as Exhibit "A". <br /> <br />FINANC%AL GUARANTEE. The Developer shall provide a financial <br />guarantee for the construction of the improvements described in <br />Paragraph 1 above. This guarantee shall be in the form of cash or <br />City approved letter of credit in the amount of $51,875.00 which <br />amount represents 125% of the Engineer's estimated cost for the <br /> <br />Page 1 of 3 <br /> <br /> <br />