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DEVELOPMENT AGREEMENT <br /> FOR <br /> River Park Fourth Addition <br /> THIS AGREEMENT (the Agreement), made and entered into this 15th day of August,2016,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 Paxmar,LLC (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. 16-xx on August 15, 2016, (attached as <br /> Exhibit A hereto) granting final plat approval to the Subdivision, subject to several conditions, including a <br /> condition that Developer enter into an agreement with the City governing the provision of certain utilities, <br /> services and facilities to the Subdivision and the transfer of certain land interests and payments to the City, so <br /> as to fully 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 85.7 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 uses, to be known as River Park Fourth Addition (the Development). A copy of the final <br /> plat is attached as EXHIBIT C. <br /> 2. Right to Proceed. Within the Subdivision, the Developer may not grade or otherwise disturb the <br /> earth, remove trees, unless authorized by a separate permit or letter; work to construct sewer lines, water <br /> lines, streets,utilities,public or private improvements, or any buildings may not proceed until all the following <br /> conditions have been satisfied: (1) this Agreement has been fully executed by both parties and filed with the <br /> City Clerk; (2) the necessary security has been received by the City; (3) the necessary insurance for the <br /> Developer and its construction contractors has been received by the City; (4) the final plat for the Subdivision <br /> has been filed with the office of the Sherburne County Recorder or Registrar of Titles, and (5) all required <br /> permits are secured and a copy filed with the City Engineer. <br /> 1 <br />