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DEVELOPMENT AGREEMENT - FOX RIDGE ESTATES <br /> <br />said P.U.D. plan provides for the P.U.D. to be developed <br />in two phases. The plat of Fox Ridge Estates being the <br />first phase and the resubdivision of Outlot E of Fox <br />Ridge Estates being the second phase of the P.U.D. <br /> <br />II. <br /> <br />STAGE I. IMPROVEMENTS <br /> <br />Compliance with City Code· That the recitals above and <br />the provisions of the City Charter, Subdivision Code, <br />Zoning Code and Public Improvement Code of the CITY as <br />amended to date hereof, are incorporated herein by <br />reference. <br /> <br />Staqe I Improvements Required. The DEVELOPER agrees to <br />construct the required Stage I Improvements according to <br />the terms and conditions of this contract and in <br />accordance with DEVELOPER's plans submitted to the CITY <br />and approved by the City Engineer. Said plans consist <br />of six sheets, dated , 1989, and are drawn by <br /> to be revised as per the City <br />Engineer's review letter dated , 1989. <br />The Stage I Improvements required to be constructed are <br />those as shown on the above referenced plans and <br />specifications. The plans and specifications are <br />attached hereto and incorporated herein and are <br />hereinafter referred to as "Stage I Improvements." <br /> <br />Stage I Improvements - Completion Date. The Improvement <br />completion date shall be on or before October 1, 1990. <br /> <br />Staqe I Improvement Financial Guarantee. The DEVELOPER <br />agrees and understands that the CITY has the right, <br />privilege and authority pursuant to Minnesota Statutes <br />Chapter 462.358 and as amended as a condition precedent <br />to the approval of the plans and specifications and <br />approval of a final plat, to prescribe requirements and <br />the extent to which, and the manner in which the streets <br />are to be graded or improved, and the installation of <br />other facilities and that the DEVELOPER shall provide a <br />financial guarantee to the CITY to provide for the actual <br />construction and installation of the required Stage I <br />Improvements within a period specified by the City <br />Council. <br /> <br />The DEVELOPER shall provide a financial guarantee to the <br />CITY guaranteeing the construction of the Stage I <br />Improvements and their timely completion. The financial <br />guarantee shall be in the amount of <br /> <br />4 <br /> <br /> <br />