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PROPOSED DEVELOPMENT AGRZEM~ENT <br /> <br /> CII"f OF RAMSEY <br /> A~0KA COUN~"~f, MI~NESOTA <br /> <br /> BOSER'S E~ERGREEN ESTATES <br /> <br />Development agreement by and between the City of Ramsey, Minneso:a (City) <br />and Melvin A. and Marlin I. Boser (Developer). <br /> <br />WITNZSSETH: <br /> <br /> W~EREAS, 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 South Half of the Northwest Quarter of the Northeast Quarter of <br />Section 9, Township 32, Range 25, Anoka County, Minnesota. <br /> <br />hereinafter "subject property"; and <br /> <br /> WHEREAS, the City has approved the plat of the subject property which <br />is known as BOSER'S EVERGREEN ESTATES and is hereinafter referred to as <br />"the plat"; <br /> <br /> gq~EREAS, 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 /> NOR, THEREFOILE, 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 final plat and as <br />directed by the City Engineer, in accordance with City standards <br />and specifications. These improvements shall include, but are not <br />limited to: the construction of Sapphire Street N.W. including <br />.el=~ec ditches, grading, backsloping and drainage. /'ne Developer <br />shall be responsible for any expense associated with the <br />construction of these im~rovemer, ts. The Developer shall restore <br />a~l .... d:~turbed =~reas =~s ..~oecified by. the City.. Engine~-~.. The <br /> <br />on -he_ _ attached ~i-n_,= = which plans are atta'-hed hereto ms- Exhibit <br /> <br />FIN;_%'CI;~ GUAP~ ..... The Developer sha~l provide a financza! <br />guarantee for the construction of these improvements. This <br />~u~.=~ee ....... shall be i~ -~.-. fo.~ cf cash or City a~oroved.. ~.~tter of <br />credit in the amount of S. which amount represents ._~,~o=~' <br />of the Engineer's estimated cost for such improvements, in <br />addition to the letter cf credit, the Developer shall post a <br />maintenance guarantee for these {~ovements in the amount of <br />$5,000.00. This security shall be deposited with the City in the <br />form of cash escrow or letter of credit in a fo_~-m to be acceptable <br />to the City. ~nis security shall be held by the City for one (1) <br />year from the date of final acceptance of the improvements. <br /> <br /> <br />