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<br />209 feet north of southwest comer of said Northwest Quarter of Northwest <br />Q:uarter as measured along said west line, thence proceed east and parallel to the <br />south line of said section for a distance of 209 feet thence proceed south and <br />parallel to west line of said section for a distance of 209 feet, thence proceed <br />west and parallel to first course to the west line of said section thence proceed <br />north along west line of said section to point of commencement, Section 27, <br />Township 32, Range 25, except road subject to easement of record. <br /> <br />-or upon recording- <br /> <br />Lots 1-4, Block 1, REGENCY POND 4TH ADDITION, Anoka County, Minnesota <br /> <br />(the "Subject Property"); and <br /> <br />WHEREAS, on September 28, 2007 pursuant to Resolution No. 07-09-~, the CITY <br />approved the final plat of the Subject Property, which plat is known as REGENCY POND 4TH <br />ADDITION (the "Plat"), which approval is contingent on certain requirements, including the <br />. DEVELOPER and the CITY entering into this Agreement; and <br /> <br />WHEREAS, the final plat for the Subject Property conforms to the preliminary plat for <br />Regency Pond 4th Addition; and <br /> <br />WHEREAS, the CITY requires certain improvements to be constructed within the Plat, <br />which improvements are defined as Stage I and Stage IT Improvements in the City Code; and <br /> <br />WHEREAS, the DEVELOPER intends to cause its required improvements in the Plat <br />to be constructed without financial participation by the CITY; and <br /> <br />WHEREAS, no expenditure of CITY funds will be made until the relevant City Code <br />escrow requirements have been completed by the DEVELOPER. <br /> <br />NOW, THEREFORE, the CITY and DEVELOPER agree as follows: <br /> <br />SECTION I <br />STAGE I IMPROVEMENTS AND FINANCIAL GUARANTEES <br /> <br />1. City Code Compliance. The CITY approves the Plat conditioned on the DEVELOPER <br />developing the Plat in accordance with the applicable provisions of City Code, Section 9.50, <br />entitled Subdivision. <br /> <br />2. Conformance with Plan. The Plat shall be developed pursuant to the Final Plat Plan, <br />prepared by James R. Hill, Inc. and the Site Plan, Utility Plan, Grading Plan, and Tree <br />Preservation Plan, dated June 29, 2007, revised July 20, 2007, revised August 8, 2007. <br />revised <br /> <br />-298- <br /> <br />Regency Pond 4thAddition <br />Development Agreement <br />Page 2 of9 <br />