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DEVELOPMENT AGREEMENT <br />THIS AGREEMENT made this day of , 2013, is by <br />and between the City of Anoka, whose primary address is 2015 1st Avenue North, Anoka, <br />Minnesota 55303, a municipal corporation organized under the laws of the State of Minnesota, <br />(the "City"), and Landmark of Anoka, LLC, a Minnesota Limited Liability Company, whose <br />primary address is 13423 Hanson Blvd. NW, Andover, Minnesota, 55304 (the "Developer"). <br />WITNESSETH: <br />WHEREAS, the City is the owner of certain vacant real property located within the City <br />of Anoka, legally described as set forth in Exhibit A attached hereto and made a part hereof (the <br />"Property"); and <br />WHEREAS, the Developer wishes to acquire the Property as part of a subdivision plan <br />for single family residential use; and <br />WHEREAS, the City and the Developer have entered into a purchase agreement (the <br />"Purchase Agreement"), a copy of which is attached hereto as Exhibit B, pursuant to which the <br />City has agreed to sell the Property to the Developer; 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, certain activities within the Improvements as outlined in the Construction <br />Plans will occur on property not included in the purchase agreement owned by the City of <br />Anoka; and <br />WHEREAS, said improvements on City property are governed by the Development <br />Agreement; and <br />WHEREAS, in furtherance of its subdivision plan for the Property, the Developer has <br />received approval from the City Council for a proposed plat of land within the corporate limits of <br />the City of Anoka to be known as Rum River Shores; and <br />WHEREAS, Minnesota Statute §462.358 authorizes the City to enter into a <br />Development Agreement, secured by a performance guarantee for completion of all such <br />improvements following final approval by the City Council and prior to the recording of the final <br />plat at Anoka County; and <br />WHEREAS, 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. <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 />1 <br />