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DEVELOPMENT AGREEMENT <br /> <br /> CITY OF RA3:SEY <br /> ANOKA COUNTY, MINNESOTA <br /> <br />HY-10 RAMSEY 4TH ADDITION <br /> <br />Development agreement by and between the City of Ramsey, Minnesota <br />(city) and Mr. Norman D. Holm and Gilbert A. Menkveld. <br /> <br />WITNESSETH: <br /> <br /> WHEREAS, the Developers are the owners of certain real property <br /> , C~3 of Ramsey, <br />situated in Anoka County, Minnesota located in the ~+- <br />the legal description of which property is as follows: <br /> <br />Lot 1, Block 1, Hy-10 Ramsey 3rd Addition, Anoka County, <br />~[innesota. <br /> <br />hereinafter "subject property"; and <br /> <br /> WHEREAS, the City has approved the plat of the subject property <br />which is known as Hy-10 Ramsey 4th Addition and is hereinafter <br />referred to as "the plat" contingent upon the Developers and City <br />entering into this Development Agreement; and <br /> <br /> krHEREAS, the Developers desires to effect the recording of the <br />plat wi~h the Anoka County Recorder, upon the execution and approval <br />thereof by the City. <br /> <br /> NOW, THEREFORE, in consideration of the mutual covenants and <br />promises contained herein, ~t is agreed as follows: <br /> <br />1. iMPROVEMElfTS. The Developers have constructed the <br /> improvements as shown on the final plat and as d~rected by <br /> the '~' <br /> Cm~5. Engineer, in accordance with City standards, and <br /> specifications. These improvements include the construction <br /> cf Ferret Street lf.W., including bituminous surfacing and <br /> related ditches, grading, backslcping and drainage. The <br /> Developers shall be responsible for any e)~pense associated <br /> ~ith the construction of these improvements. The Developers <br /> shall restore all disturbed areas as specified by the City <br /> Engineer. The location and specifications for the <br /> improvements are as shown on the attached plans, which plans <br /> are attached hereto as Exhibit "A". <br /> <br />2. FINANCIAL GUD_~3d~TEE. The Developer shall post a maintenance <br /> guarantee for these improvements in the amount of $5,000.00. <br /> This security shall be deposited with the City in the form of <br /> cash escrow or letter of credit in a fo_~nv~ to be acceptable to <br /> the City. This security shall be held by the City for one <br /> (!) year from the date of this Agreement. <br /> <br /> <br />