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DEVELOPMENT AGREEMENT <br /> FOR <br /> Prestigious Woodland Hills Second Addition <br /> THIS AGREEMENT (the Agreement), made and entered into this 7h day of July, 2014, by and <br /> between the CITY OF ELK RIVER, a municipal corporation organized under the laws of the State of <br /> Minnesota(the City),and Benzinger Properties,Inc. (the Developer). <br /> WITNESSETH: <br /> WHEREAS, the Developer has made application to the City for approval of a final plat of land <br /> within the City described on Exhibit A attached hereto (the Subdivision);and <br /> WHEREAS, the City Council adopted Resolution No. 14-25 on June 2,2014, (attached as Exhibit A <br /> hereto) granting final plat approval to the Subdivision, subject to several conditions, including a condition <br /> that Developer enter into an agreement with the City governing the provision of certain utilities, services and <br /> facilities to the Subdivision and the transfer of certain land interests and payments to the City, so as to fully <br /> comply with the Subdivision Ordinance; <br /> NOW, THEREFORE, in consideration of the premises and the mutual promises and conditions <br /> hereinafter contained,it is hereby agreed as follows: <br /> 1. Warranty of Developer. Developer hereby warrants and represents to the City, as inducement to <br /> the City's entering into this Agreement, that Developer is owner of certain real property legally described in <br /> EXHIBIT B attached hereto consisting of 37.2 acres of unimproved land located in the City of Elk River, <br /> Sherburne County, Minnesota. The Developer intends to improve and develop such property for single <br /> family residential. to be known as Prestigious Woodland Hills Second Addition (the Development). The <br /> Development is sometimes hereinafter referred to as the "Property," "Project," or "Subdivision." A copy of <br /> the final plat is attached as EXHIBIT C. <br /> 2. Phased Development. <br /> (01) Future Phases. The Developer and the City anticipate additional phases of the Project. <br /> Future phases of the Development, including the subdivision of the outlots, shall be subject to <br /> separate Final Plat approval by the City of Elk River. This Agreement is for this phase only. The <br /> City may refuse to approve final plats of subsequent phases if the Developer is in default of this <br /> Agreement, or any prior developer agreement for prior phases of the Development, and the default <br /> has not been remedied. <br /> 1 <br />