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along the East line of sai~ ~ortheast Quarter 373.81 feet; thence <br />Southwesterly to the point of beginning. <br /> <br />hereinafter ,subject property"; and <br /> <br /> WHEREAS, the City has approved the plat of the subject property vhich <br />ia known as OAKWOOD MILLS and is hereinafter referred to as "the plat" <br />contingent upon this Development Agreement being entered bet~,een the City <br />and Developer; 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 />~. The Developer shall be responsible for the <br />construction of improvements as shown on the plat and as direc:ed <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 Wolfram Street N.W., Xenon Street <br />~.W., and 160th Land N.W. including bituminous surfacing and <br />related ditches, grading', backsloping and drainage. /'he Developer <br />shall be responsible for a'ny expense associated with the <br />construction of these improvements.. The Developer shall restore <br />all disturbed areas as specified by the City Engineer. The <br />location and specifications for the improvements shall be as shc~.n <br />on the attached plans, which plans are attached hereto as E;:hibit <br /> <br /> FINANCIAL 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 $32,125.00 which <br /> amount represents 125% of the Engineer's estimated cost for such <br /> improvements. In addition to the letter of credit, the Developer <br /> shall post a maintenance guarantee for these improvements in the <br /> amount of $10,000.00. This security shall he deposited with the <br /> City in the form of cash escrow or letter of credit acceptable to <br />'the City. This $10,000.00 security shall be held by the City for <br /> one (i) year from the date of final acceptance of the improvements <br /> to insure that the improvements have been properly constructed and <br /> to defray'any expenses which may be necessary to correct <br /> deficiencies in the construction of the improvements. <br /> <br />PA}bl. LAND DEDICATION· The Developer shall satisfy the City's <br />park dedication requirements by dedicating to the Public those <br />areas designa:ed as "Park" as sh~,n on Exhibit "B" to the City of <br />park purposes. In addition, the Developer agrees to pay $1,200.00 <br />which amount represents payment for 0.6 acres of land. <br /> <br />GRADING 'AND DRAINAGE PLAN. The Developer shall comply with the <br />grading and drainage plans submitted to and approved by the City <br /> <br />Page 3 of 5 <br /> <br /> <br />