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<br />1 <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />DEVELOPMENT AGREEMENT <br />FOR <br />Prestigious Woodland Hills Fourth Addition <br />THIS AGREEMENT (the Agreement), made and entered into this 6th day of March, 2017, 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 />W I T N E S S E T H: <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. 17-06 on January 17, 2017, (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 /> <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 7.49 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 Prestigious Woodland Hills Fourth Addition (the Development). A <br />copy of 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 <br />Development. Future phases of the Development, including the subdivision of the outlots, shall be <br />subject to separate Final Plat approval by the City of Elk River. This Agreement is for this phase <br />only. The City may refuse to approve final plats of subsequent phases if the Developer is in default <br />of this Agreement, or any prior developer agreement for prior phases of the Development, and the <br />default has not been remedied.