4.13 SR 12-21-2020 - Laserfiche WebLink

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DEVELOPMENT AGREEMENT FOR Elk Ridge Estates THIS AGREEMENT (the Agreement), made and entered into this 21st day of December, 2020, by and between the CITY OF ELK RIVER, a municipal corporation organized under the laws of the State of Minnesota (the City), and Contractors Capital Company, LLC. (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. 20-89 on November 16, 2020, (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 24.00 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 Twelfth Addition (the Development). A copy of the final plat is attached as EXHIBIT C. 2. Phased Development. (01) Preliminary Plat Status. If the Development is a phase of a multi -phased preliminary plat, the preliminary plat approval for all phases not final platted shall lapse and be void unless final platted into lots and blocks, not outlots, within two (2) years after preliminary plat approval. This two-year period may be extended by the City. (02) Park Dedication on Outlots. Park dedication requirements referred to in this Agreement are not being imposed on outlots, if any, in the Development that are designated in an approved preliminary plat for future subdivision into lots and blocks. Such dedication requirements will be calculated and imposed when the outlots are final platted into lots and blocks.