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<br />229446v1 <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />(reserved for recording information) <br /> <br /> <br />DEVELOPMENT CONTRACT <br />(Developer Installed Improvements) <br /> <br />OAKWATER RIDGE <br /> <br /> <br /> <br /> CONTRACT dated October 20, 2025, by and between the CITY OF ELK RIVER, a Minnesota <br />municipal corporation (“City”), and Oakwater Ridge Development, LLC (the “Developer”). <br /> 1. REQUEST FOR PLAT APPROVAL. The Developer has asked the City to approve a plat for <br />Oakwater Ridge (referred to in this Contract as the "plat"). The land is situated in the County of <br />Sherburne, State of Minnesota, and is legally described in Exhibit A. <br /> 2. CONDITIONS OF PLAT APPROVAL. The City hereby approves the plat on condition that <br />the Developer enter into this Contract, furnish the security required by it, and record the plat with the <br />County Recorder or Registrar of Titles within two years after the City Council approves the final plat. The <br />plat is located within the Oakwater Ridge Planned Unit Development, and the development standards <br />are in Elk River city ordinance, Section 30-1604. <br /> 3. RIGHT TO PROCEED. Within the plat or land to be platted, the Developer may not grade <br />or otherwise disturb the earth or remove trees, unless a grading permit has been approved by the City <br />Engineer following approval of a preliminary plat by the City Council, construct sewer lines, water lines, <br />streets, utilities, public or private improvements, or any buildings until all the following conditions have <br />Page 69 of 379