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<br />1 <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />DEVELOPMENT AGREEMENT <br />FOR <br />Broadway on 10 <br />THIS AGREEMENT (the Agreement), made and entered into this 6th day of June, 2022, 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 The Edge on 10, LLC. (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 within <br />the City described on Exhibit A attached hereto (the Subdivision); and <br />WHEREAS, the City Council adopted Resolution No. 22-xx on June 6th, 2022, (attached as Exhibit A <br />hereto) granting final plat approval to the Subdivision, subject to several conditions, including a condition that <br />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 the <br />City’s entering into this Agreement, that Developer is owner of certain real property legally described in <br />EXHIBIT B attached hereto consisting of 11.51 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 multiple- <br />family residential uses, to be known as Broadway on 10 (the Development). A copy of the final plat is attached <br />as EXHIBIT C. <br />2. Phased Development. <br />(01) Preliminary Plat Status. If the Development is a phase of a multi-phased preliminary plat, the <br />preliminary plat approval for all phases not final platted shall lapse and be void unless final platted into <br />lots and blocks, not outlots, within two (2) years after preliminary plat approval. This two-year period <br />may be extended by the City. <br />(02) Park Dedication on Outlots. Park dedication requirements referred to in this Agreement are <br />not being imposed on outlots, if any, in the Development that are designated in an approved <br />preliminary plat for future subdivision into lots and blocks. Such dedication requirements will be <br />calculated and imposed when the outlots are final platted into lots and blocks.