8.1. SR 04-15-2019 - Laserfiche WebLink

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DEVELOPMENT AGREEMENT FOR Hillside Estates Eleventh Addition THIS AGREEMENT (the Agreement), made and entered into this 2nd day of October, 2017, by and between the CITY OF ELK RIVER, a municipal corporation organized under the laws of the State of Minnesota (the City), and Riverside Development Company of Princeton. (the Developer). WITNESSETH: WHEREAS, the Developer has made application to the City for approval of a final plat of land within the City described on Exhibit A attached hereto (the Subdivision); and WHEREAS, the City Council adopted Resolution No. 17-58 on October 2, 2017, (attached as Exhibit A hereto) granting final plat approval to the Subdivision, subject to several conditions, including a condition that Developer enter into an agreement with the City governing the provision of certain utilities, services and facilities to the Subdivision and the transfer of certain land interests and payments to the City, so as to fully comply with the Subdivision Ordinance; NOW, THEREFORE, in consideration of the premises and the mutual promises and conditions hereinafter contained, it is hereby agreed as follows: 1. Warranty of Developer. Developer hereby warrants and represents to the City, as inducement to the City's entering into this Agreement, that Developer is owner of certain real property legally described in EXHIBIT B attached hereto consisting of 7.49 acres of unimproved land located in the City of Elk River, Sherburne County, Minnesota. The Developer intends to improve and develop such property for single family residential uses, to be known as Hillside Estates Eleventh Addition (the Development). A copy of the final plat is attached as EXHIBIT C. 2. PhasedDevelot)ment. (01) Future Phases. The Developer and the City anticipate additional phases of the Development. Future phases of the Development, including the subdivision of the outlets, shall be subject to separate Final Plat approval by the City of Elk River. This Agreement is for this phase only. The City may refuse to approve final plats of subsequent phases if the Developer is in default of this Agreement, or any prior developer agreement for prior phases of the Development, and the default has not been remedied.