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WIIEREAS, on July 26, 2005, pursuant to Resolution No. 05-07-229, the CITY adopted <br />5udiugs of fact #729 supporting the approval of the preliminary plat of RUM RIVER <br />Mh',AD OWS and <br /> <br /> WItEREAS, on July 26, 2005, pursuartt to Resolution No. 05-07-230, the CITY <br />approved the preliminary plat of RUM RIVER MEADOWS based on the adopted findings of <br />fact #729 contained iu Resolution #05-07-229; and <br /> <br />WHEREAS, on May 23, 2006, pursuant to Resolution No. 06-05- __approved the final <br />plat of the Subject Property, which plat is known as RUM RIVER MEADOWS which approval <br />is contir~geut on certain requirements, including the DEVELOPER and the CITY entering into <br />this Agreement; and <br /> <br /> WItEREAS, the Iinal plat for the Subject Propert3, conforms to the preliminary plat for <br />Runs River Meadows; and <br /> <br /> W~ iE ~,EA~>, the CITY requires certain improvements to be constrncted within the Plat. <br />which improvements are defined as Stage i and Stage II Improvements in the City Code; mhd <br /> <br /> WIIF. ILEAS, the DEVELOPER intends to cause its required improvements in the Flat <br />to be constructed with financial participation by the CITY; and <br /> <br /> WIII.;R~AS, the DEVELOPER desires to construct the Stage I and Stage <br />improvemeuts, except for those Stage II Improvements constructed by the CITY; and <br /> <br /> WHEREAS, no expenditnre of CITY funds will be made until the relevant City Code <br />escrow requirements have been completed by the DEVELOPER. <br /> <br />NOW, TftEREFORE, tire CITY and DEVELOPER agree as follows: <br /> <br /> SECTION I <br />STAGE I IMPROVEMENTS AND FINANCIAL GUARANTEES <br /> <br />City Code Compliance. The CITY approves the Plat conditioned ~n the DEVELOPER <br />developing the Plat in accordance with the applicable provisions of City. Code, Section 9.50, <br />entitled Subdivision. <br /> <br />Confm'nmnce with Plan. The Plat shall be developed pursuant to the Final Plat Plan <br />prepared by E.G. Rud and Sons and Street and Utility plar~s received May 12; 2006 and <br />prepared by TEC Design and as amended as required by the City Staff Review Letter dated <br />May 19, 2006. <br /> <br />Rum River fV£eado}vs <br />Development Agreement <br />Page. 2 oil2 <br /> Draft $,lg. 06 <br /> <br />-137- <br /> <br /> <br />