Laserfiche WebLink
PROPOSED DEVELOPMENT AGREEMENT <br /> <br /> CITY OF RAMSEY <br /> ANOKA COUNTY, MINNESOTA <br /> <br /> HY-10 RA3~SEY 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 /> NHEREAS, the Developers are the owners of certain real property <br />situated in Anoka County, Minnesota, located in the city of Ramsey, <br />the legal description of which property is as follows: <br /> <br />Lot 1, Block 1, Hy-10 Ramsey 3rd Addition, Anoka County, <br />Minnesota. <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 /> WHEREAS, the Developers desires to effect the recording of the <br />plat with the Anoka County Recorder, upon the execution and approval <br />thereof by the City. <br /> <br /> ROW, THEREFORE, in consideration of the mutual covenants and <br />promises contained herein, it is agreed as follows: <br /> <br />iMPROVEMENTS. The Developers shall be responsible for the <br />construction of improvements as shown on the final plat and <br />as directed by the city Engineer, in accordance with City <br />standards and specifications~ These improvements shall <br />include, but are not limited to the construction of Ferret <br />Street N.W, including bituminous surfacing and related <br />ditches, grading, backsloping and drainage. The Developers <br />shall be responsible for any expense associated with the <br />construction of these improvements. The Developers shall <br />restore all disturbed areas as specified by the City Engineer. <br />The location and specifications for the improvements shall be <br />as shown on the attached plans, which plans are attached <br />hereto as Exhibit "A". <br /> <br />FiNANCiAL GUARANTEE. The Developers shall provide a financial <br />guarantee for the construction of these improvements. This <br />guarantee shall be in the form of cash or City approved <br />letter of credit in the amount of $ which amount <br />represents 125% of the Engineer's estimated cost for such <br />improvements. In addition to the letter of credit, the <br />Developer shall post a maintenance guarantee for these <br /> <br /> <br />