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Home My WebLink About7.c. Evermoor Subdivision Agreement, City Project #321A CITY OF ROSEMOUNT EXECUTIVE SUMMARY FOR ACTION CITY COUNCIL MEETING DATE: July 5, 2000 AGENDA ITEM: EVERMOOR SUBDIVISION AGREEMENT, AGENDA SECTION: City Project 321 OLD BUSINESS PREPARED BY: DAN FICK, PUBLIC WORKS DIRECTOR/ ' AGENDA NO. CITYENGINEER ffW *T, . , . C ATTACHMENTS: SUBDIVISION AGREEMENT APPROVED BY: /� , The developer for Evermoor, CPDC, Inc., has agreed to the conditions of the attached agreement. The Preliminary PUD and Preliminary Plat were approved by City Council on May 16, 2000. However, the final plat has not yet been submitted. Ordinarily, the Subdivision Agreement would not proceed the final PUD and plat, but, due to the schedule, scope of the project, and grading that is currently under way, staff feels that execution of this agreement would be appropriate at this time. Upon approval of the Final PUD and Final Plat, this agreement could be amended as needed. Staff recommends the approval of the Subdivision Agreement. RECOMMENDED ACTION: MOTION to approve the Subdivision Agreement for the Evermoor Subdivision and to authorize the necessary signatures. COUNCIL ACTION: JUN - e*V - _IIOkTO 1b. 0 Ak WSA8 & Associates, Inc. Ubb 4 H=)Ukr 1 H 1 = l NtI 350 Westwood Lake Office 8441 Wayzata Boulevard Minneapolis, MN 55426 612 -641 -4800 FAX 541 -1700 rb35411'rtdtd t'. U1 1;21 BA. Mictclscadt. PE Brcc A. Wig. P.E. Peter R Villrnbcin& P.E. Donald V. Stem, PE. Ronald B. Bray. PE Fax Transmittal To: I OiMV� �h Fj cjr Organization: 0+4 O &WMOB Fax No: Date: Copy to: Fax No. Re: A Meer Svir Projed No: Number of Pages Following This Lead Sheet Prom. 1 Comments '9O F 6 W - II>AiJ R",g 4 Aw. 40 X00 I Ss of CA"W90,410 Faxed this date at am 1 pm c: TDW Initials r�rvrwnw..n.rt��r• -.+ Min xeapolia St. Cloud Ixfrassrrasnre F.wgdUM" Plarnnera EQUAL OPPORTUNI ['Y EMPIAYER fo a8ad -muQ iCg pa2loova uorldrasaa -Ysvt arvQ fg pauAlsaQ •oN lzmrov uogduasaa laalold 00WIPS 9zvss NX l godeaamy�j pmatmo8 M =k% Ives 03 wo FIST pOOm4pM OS£ •Oul 'sairnmssy T S v ` T Z /z0 ' d 00L T T V9Ml " ")N T Sq I H i- )n(;SH R ;;qm C5 : q T Pomp -Ap -Nn f _.... _ —' - -• -� •••• N_•. � ' • ' �..r , • L • �. ��_ � _ ._. }.. _; .._. }__l- _ jr._ — � . — .l..rv. twn.. »rl -± >:. .•> �_._.. �.. ....7.__»�._'- . _.. • • . • IF 1 Y i ' i 1 ... . Ll- 4 . . j . f It low . .... N O fo a8ad -muQ iCg pa2loova uorldrasaa -Ysvt arvQ fg pauAlsaQ •oN lzmrov uogduasaa laalold 00WIPS 9zvss NX l godeaamy�j pmatmo8 M =k% Ives 03 wo FIST pOOm4pM OS£ •Oul 'sairnmssy T S v ` T Z /z0 ' d 00L T T V9Ml " ")N T Sq I H i- )n(;SH R ;;qm C5 : q T Pomp -Ap -Nn f J UN - Z'J - � 1 b"- 41 A& J � & Associates, Inc. T o: From: Date Be: WSB & RS5UCIRTE5 INC. 350 Westwood Lake Office 8441 Wayzata Boulevard , Minneapolis, MN 55426 612- 541 -4800 FAX 541 -1700 7635411700 P.21i21 BA Mindstad; RE- Beet A. Weiss, RE- Pact K Willenbrin& BE Donald W. Sterna, P.E. Ronald B. Bay. AE. Memoran&m Bret Weiss An di Moffatt June 22, 2000 Evermoor Development - Wetland Mitigation Letter of Credit WSB Project Na 1045140 As requested, Pete and I have reviewed the wetland mitigation plan for the Evermoor Development. The mitigation plan proposes 1.66 acres of new wetland creation in five areas. An estimated cost for WSB to provide monitoring for these areas is $6,300- $8,000 over five years. It is recommended that the developer provide some assurance that if the wetland creation areas do not develop wetland characteristics over the five year period, appropriate adjustments. in the field will be made. Therefore, it is recommended that the City receive a Letter of Credit for $20,000 per acre of wetland replacement. This corresponds to $33,200. C. Pete Willenbring Min neap o-lis S•r.• Cloud Infrastruawu r bu masts l'lOmers TnTO P _ 21 SUBDIVISION AGREEMENT EVERMOOR SUBDIVISION AGREEMENT is dated this day of , 2000, by and between the City of Rosemount, a Minnesota municipal corporation, ( "City "), and Contractor Property Developers Company (CPDC) (the "Developer"). I. Request for Plat Approval The Developer has asked the City to approve the subdivision of land and a plat of land to be known as Evermoor, which land is legally described on Attachment One, attached hereto and hereby made a part hereof (hereinafter referred to as the "Subject Property "). 2. Conditions of Plat Approval The City has approved the preliminary plat on the following conditions: a. Conformance with the PUD Agreement approved by the City Council b. Incorporation of recommendations relative to grading, utilities and easements identified by the Public Works Department. c. Incorporation of recommendations relative to the Parks and Recreation Committee for park dedication, sidewalks, trail linkages and park improvements; d. Conformance with the subdivision ordinance requirements for final plat approval including execution of a development agreement to secure the public improvements, landscaping and potential future phasing considerations. 3. Final Plat Approval The City may refuse to approve final plats of the Subject Property if the Developer has breached this Contract and the breach has not been remedied. 4. Effect of Subdivision Approval For two (2) years from the date of this Agreement, no amendments to the City's Comprehensive Plan, except an amendment placing the Subject Property in the current urban service area, or official controls shall apply to or affect the use, development density, lot size, lot layout or dedications of the approved preliminary plat unless required by state or federal law or agreed to in writing by the City and the Developer. Thereafter, notwithstanding anything in this Agreement to the contrary, to the full extent permitted by state law the City may require compliance with any amendments to the City's Comprehensive Guide Plan, official controls, platting or dedication requirements enacted after the date of this Agreement. 1 FAW P%W1005- 1401Su6Agcdoc �P'�VgoS�O►I \ =3 Z •a;ep uol;aldwoo pepuaixa ayj pue sesea rout ;soo ;oal;ai o; jadolanaa mg Aq Pajsod Ajpnoes ay; 6ul ;epdn uodn peuol ;lpuoo eq pet's M `paluej6 si uolsuepca ue 11 •A;io ay} woaj owll jo uolsuelxe ue Isenbaj `jeAsmoy `Aew jadolanao ayl - �OOZ `jago;oo Aq `Apedad }oefgnS ay; emes lllm goi4m `g ydej6eJed ul paj ejawnue `s;uawanoidwi jadolanaa Ile 1psul lleqs aadolanao ayl •aouewJo}Jad 10 aural •� •;uewaaa6y and 9 41 ul Jo ulaJay pa;elndi }s se juawdolanap ay; a;aldwoo o; kesseoeu se swell aay ;o put' (.sIuawanoidwi aadolanao„ 941 se 01 PauaIaJ aa}}eulaaaH) (iuewaaj6y and ay; ul pa;eindl ;s se) luewdinb3 Ted .!D bulPeJE 91lS •4 6uldeospue - 3 scull elgea pue euoydelal `OuP913 `seE •o jadolanaQ ayj Aq pewjojjad aq of pailnbaa Niom jo 6ulNeIS pue 6ulAanunS •a s;uawnuoIN Toole pue 10l jo 6UI:49S '8 s146 leads b :6uimollol ay; col Aed pue papelsul eq of esneo jo Ilelsul ileys jadolanaa ayl - io oleAoa q uol;elle;sul •g sluawanojdwl edeospue -- E) Ueld S14 h -- J ueid SUOIIBA913 ped asnoH 19 ueid 6ulpeJE) -- 3 ueld (P9u6ls9P AD) einpnilse4ul ollgnd jol suolleogpeft pue sueld -- o Ueld ueld lu a 9 1 8M wJo}g Pue 96euleaa -- 0 ueld elnpegoS Pue ueld la;uoa uolsa3 IIoS -- 8 ueid leld -- y veld :aje sueld ayl •loiluoo lleys swiel ue:g!j n 9i4l'ju9w99j6y slyl jo swial ue:4pm ayj woj; ken sueld 94111 •A:pedoad laafgnS ayl uo Niom Aue }o lueweouawwoo ejolaq;nq `luew99j6y slyl 6up9lue jage `lenoidde Apo of ;oefgns `paiedeld eq dew sueld ayl •ioloajla sNjoM ollgnd Ally ayl 41P eig uo eq Ipm 4oi4m jo saldoo leul6ijo ` sueld 6upollol ay} 41IM eouepj000e ul padolanap eq pays AlJadoJd loafgns 9 yl - sueld ;uaw olanaa •g 8. Public Infrastructure The following improvements, known as City Project 321, shall be designed, inspected, surveyed and administered by the City and installed in the Subject Property by a Contractor selected and paid by the Developer; A. Sanitary Sewer B. Water C. Storm Sewer D. Streets E. Sidewalks /Pathways (Hereinafter referred to as "Public Infrastructure Improvements ") The attached figure describes the area to be constructed as a part of this Agreement. 9. Security for Cost of Public Infrastructure Improvements For the purpose of financing the construction, installation, and maintenance of the Public Infrastructure Improvements, Developer shall, upon execution of this Agreement, execute and deliver to a bank approved by City ( "Lender") a Note and Mortgate encumbering the property in an amount not less than $5,500,000 (includes amount 10% above construction cost). The proceeds of this loan shall be escrowed by Lender and disbursed only in accordance with the terms and conditions of a certain Disbursement Agreement attached hereto as Exhibit B and incorporated by reference herein. No work shall be commenced under this Agreement until the Note, Mortgage, and Disbursement Agreement have been executed and certified copies filed with City. 10. Security for Developer Improvements To guarantee compliance with the terms of this Agreement, payment of the costs of all Developer Improvements and construction of all Developer Improvements (as noted in Paragraph 6), the Developer shall furnish the City with a cash escrow or irrevocable letter of credit from a bank ( "security ") for $1,300,000, which is 110% of the estimated cost of the Developer Improvements. The amount of the security was calculated as follows: 3 FAWP WIM 1005- 140LSahAgcdOo Refer to Exhibit A for an explanation of each item. The bank and form of the letter of credit or other security shall be subject to the approval of the City Administrator. The letter of credit shall be automatically renewable until the City releases the developer from responsibility. The letter of credit shall secure compliance with the terms of this Agreement and all obligations of the Developer under it. The City may draw down on the letter of credit without notice if the obligations of the Developer have not been completed as required by this Agreement. In the event of a default under this Subdivision Agreement by the Developer, the City shall furnish the Developer with written notice by certified mail of Developers default(s) under the terms of this Subdivision Agreement. If the Developer does not remove said default(s) within two (2) weeks of receiving notice; the City may draw on the letter of credit. With City approval the letter of credit may be reduced from time to time as financial obligations are paid and developer installed improvements completed to the City's requirements. 11. Grading Plan /Site Grading The Developer shall submit to the City a site grading and drainage plan for the ,Subject Property acceptable to the City showing the grades and drainage for each lot prior to installation of the improvements. With this project, the grading activities will be approved in phases, with several grading plans being provided by the developer's engineer for the portion of the site to be graded. Site grading shall be completed by the Developer at its cost and approved by the City Public Works Director. The completion of grading activities will need to be coordinated by the City in conjunction with the installation of utilities. Developer shall furnish the City Public Works Director satisfactory proof of payment for the site grading work and shall submit a certificate of survey 4 F: %WPVMA1005-11OSubAV.&c Cost 110% Grading & Erosion Control $168,000 $184,800 Pond Restoration and Erosion Control Removal $100,000 $110,000 Survey Monumentation $8,030 $8,830 Landscaping $300,000 $330,000 Retaining Walls $189,000 $207,900 Street Lighting $192,000 $211,200 Buffer Monumentation $4,000 $4,400 Park Equipmentlimprovements $150,000 $165,000 Wetland Restoration /Mitigation $33,200 $36,520 Wetland Monitoring $8,000 $8,800 Total $1,152,230 $1,267,450 $1,300,000 Refer to Exhibit A for an explanation of each item. The bank and form of the letter of credit or other security shall be subject to the approval of the City Administrator. The letter of credit shall be automatically renewable until the City releases the developer from responsibility. The letter of credit shall secure compliance with the terms of this Agreement and all obligations of the Developer under it. The City may draw down on the letter of credit without notice if the obligations of the Developer have not been completed as required by this Agreement. In the event of a default under this Subdivision Agreement by the Developer, the City shall furnish the Developer with written notice by certified mail of Developers default(s) under the terms of this Subdivision Agreement. If the Developer does not remove said default(s) within two (2) weeks of receiving notice; the City may draw on the letter of credit. With City approval the letter of credit may be reduced from time to time as financial obligations are paid and developer installed improvements completed to the City's requirements. 11. Grading Plan /Site Grading The Developer shall submit to the City a site grading and drainage plan for the ,Subject Property acceptable to the City showing the grades and drainage for each lot prior to installation of the improvements. With this project, the grading activities will be approved in phases, with several grading plans being provided by the developer's engineer for the portion of the site to be graded. Site grading shall be completed by the Developer at its cost and approved by the City Public Works Director. The completion of grading activities will need to be coordinated by the City in conjunction with the installation of utilities. Developer shall furnish the City Public Works Director satisfactory proof of payment for the site grading work and shall submit a certificate of survey 4 F: %WPVMA1005-11OSubAV.&c - P'j 3 tlgnSWY['SW[Wmdm vd S •s}uawaynbai !oa}uoo uo!soja eqj yj!m aoue!ldwoo !!nj u! s! 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Ileys aadolanaa ayl - Cl, ydej6eJed ui pegpeds sempeowd mg yl!nn aouepa000e ul asuedxa s, edolanaQ ayj le do ueaio ayj ajaldwoo oI peiluoo ao 9191dwoo II!m fi4!0 ayj `iadolanaQ ay} o} aollou Iegjan s inoy t Z aal}y 's}aaals ay} waj sljgep pue p!p ueaio of saanseew leuoll!ppe eMej of tiesseoeu s! j! J94184nn eupielep pue slseq AlMeem a uo al!s ay} joadsu! ll!nn A4!0 ayl •su6!sse jo sluebe sj! `jadolanaa ay} Aq Nionn uollorulsuoo woaj pallnsai sey }eyj s!jgap pue p!p #o s}aa ils ueaio Keys jadolanaa ayl n meg) - 9 � - ueld panoidde luenbesgns a ao ivawaai6y and ayj so papinoid ueld ayj yj!nn auueu uojuoo ui eaje padolanap eqj aol ueld 6uldeospuel ayj a}aldwoo o} elq!suodsai jaypr4 si jadolanaa ayl 'Isoo unno S:p 1e ile `spJenalnoq 941 pos osie p Jadolanaa ayj pue 101 14389 jo 96eJu011 }aaals yoee uo aaij snonp!oap aadlle3 you! -onn} (I,) quo jueld Bet's jadolanaa ayj `Aouedn000 6u!nnope AID ayI 01 JOud uipaaS pue Bull uefd 'fi4 B. The Developer shall hold the City and its officers and employees harmless from claims made by itself and third parties for damages sustained or costs incurred resulting from plat or subdivision approval and development of the Subject Property. The Developer shall indemnify the City and its officers and employees for all costs, damages or expenses which the City may pay or incur in consequence of such claims, including attorney's fees. C. The Developer shall reimburse the City for costs incurred in the enforcement of this Agreement, including engineering and attorney's fees. The estimated City fees of $1,000,000 shall be deposited with the City at the time this Agreement is signed. If the City fees exceed this estimate, the Developer shall pay the additional costs to the City within 10 days of the request. D. The Developer shall pay in full all bills submitted to it by the City for obligations incurred under this Agreement within thirty (30) days after receipt. If the bills are not paid on time, the City may halt development work and construction including, but not limited to, the issuance of building permits for lots which the Developer may or may not have sold, until the bills are paid in full. Bills not paid within thirty (30) days shall accrue interest at the rate of nine percent (9 %) per year. E. The Developer shall pay all energy costs for street lights installed within the Subject Property until seventy -five percent (75 %) of the lots are occupied. After that, the City will assume the energy costs. 19. Developer agrees to pay fees, charges and assessments set forth in this Section prior to, or at the time of, execution of any plat by the City: A. Park dedication fees in the amount of $0.00. B. Geographic Information System (GIS) fees in the amount of $5,900 ($50 per lot x 118 lots). C. Storm Sewer Trunk Area Charges in the amount of $258,063.30. Or such other amounts for such fees as in effect at the time of plat approval. 20. Developer understands that builders will be required to pay for the Subject Property the fees, charges and assessments in effect at the time of issuance of building permits. The rates for each of these items will be set 7 FAW PV/M 1003- 1401Su6Agr.&c 8 `saaAoidwa s }I `jedolanao 944 Aq pasneo `sluaw9nojdwl oiignd 10 uoilorulsuoo a4} u `Ajlo sto Aq paunoul `sAelap jo 96ewep jol s1soo PUB Aplpgl Ile sownsse `4ueweejBV s14l 6wgnoexe ul `jadolanaQ 9 41 • 8 11s 9 41 0 1 ssaooe 913149A Aoue6aawe }o Joel Aue jol A4l1lgeil ou sawnsse Ajlo 941 T posseippe aye sw91l pa}ou anoge Ile pun p9juej6 eq Minn Aouedn000 ON z samjoruls lie of ss000e elgeuoseei 9ne4 jsnw siep!go 6ulplln8 • I, :1e4} 6u puelsiepun eig qpm uoljajoslp sjuawpedep 6ulpllnq PUB 6uuaaul6ue eqj le pamolie aq Aew :pe }s uoiprulsuod 6uisno4 Area ub IIr4 ui pled eje seal }Iwjed 6uipllnq IId •3 , Alpo 94; Aq panojdde pue eoeld ul si snowwnlIq jo 1}II lsig 941 •Q •pelllploeq pue pellelsui si 6ulgmo II`d '0 •aoinJas ul pue `J99u16u3 Ajlo 941 Aq panoidde `palsel eje saipIgn olignd IId •8 •A4l0 eqj Aq panoadde pue pejeldwoo si 6uipea6 ells 941 V :I!Iun ponssl eq llegs silw.ied Aouedn000 ON •s;Iwaad BuiplIng ' 6Z (pn/00S$ le Alluaiino) pn aad sa6jego jannaS Aural j •(jlun /001, I,$ le AI}ueuno) llun jed sa6ae4o ja}eM Nurul •3 '(3lun OVS /006` 6$ le Alluajjno) faun OVS .gad se6je4o Allllgelleny jaleM •Q `(1jun oys /000` 6$ }e All.uenno) llun OVS aad saBie4o A4IIlgelleny jemeS AaepeS •0 •(AlanlIoadsaJ `Thin Allwel oldllinw pue 916uls jed 009$ PUB 058$ le Allueuno) pn Alpel aidll.inw jed pue Thin Ailwej al6uls aad se6je40 uoipeuuoo jaanaS uuoIS •8 •(006 6$ si ejej juenno) faun OVS jad sa6je4o A411!gelleny saoi uoS Iejuewuo1nu3 Ipunoo ueplodoijoIN V :aae l.u9waaj6e s141 10 se 139 ul s1u9wss9sse pue `sa6Jeyo `s991 941 • panlaoaJ sl 1iwaad 6ulppq eqj awll: a4} le ainpruls ejej }uenno eqj ol. 6uipa000e contractors, subcontractors, materialmen or agents. No occupancy permits shall be issued until the public streets and utilities referred to in paragraph 6 and 8 are in and approved by the City, unless otherwise authorized in writing by the City Public Works Director. A mobile home model center can be located within the site for a limited period of time. The center must be accessible and state licensed for its intended purpose. Upon development of 95% of the site the center must be removed from the site. 22. Developer's Default In the event of default by the Developer as to any of the work to be performed by it hereunder, the City may, at its option, perform the work and the Developer shall promptly reimburse the City for any expense incurred by the City, provided the Developer is first given notice of the work in default, not less than 48 hours in advance. This Agreement is a license for the City to act, and it shall not be necessary for the City to see a court order for permission to enter the land. When the City does any such work, the City may, in addition to its other remedies, levy the cost in whole or in part as a special assessment against the Subject Property. 23. Miscellaneous. A. The Developer represents to the City that the development of the Subject Property, the subdivision and the plat comply with all city, county, metropolitan, state and federal laws and regulations including, but not limited to: subdivision ordinances, zoning ordinances and environmental regulations. If the City determines that the subdivision or the plat or the development of the Subject Property does not comply, the City may, at its option, refuse to allow construction or development work on the Subject Property until the Developer does comply. Upon the City's demand, the Developer shall cease work until there is compliance. B. Third parties shall have no recourse against the City under this Agreement. C. Breach of the terms of this Agreement by the Developer shall be grounds for denial of building permits, including lots sold to third parties. D. If any portion, section, subsection, sentence, clause, paragraph or phase of this Agreement is for any reason held invalid, such decision shall not affect the validity of the remaining portion of this Agreement. 9 FAWPW M1005- 1401SubAgcdoc E. If building permits are issued prior to the completion and acceptance of public improvements, the Developer assumes all liability and costs resulting in delays in completion of public improvements and damage to public improvements caused by the City, Developer, its contractors, subcontractors, materialmen, employees, agents or third parties. F. The action or inaction of the City shall not constitute a waiver or amendment to the provisions of this Agreement. To be binding, amendments or waivers shall be in writing, signed by the parties and approved by written resolution of the City Council. The City's failure to promptly take legal action to enforce this Agreement shall not be a waiver or release. G. This Agreement shall run with the land and may be recorded against the title to the property. The Developer shall take 'such steps, including execution of amendments to this Agreement, as are necessary to effect the recording hereof. After the Developer has completed the work required of it under this Contract, at the Developer's request, the City will execute and deliver to the Developer a release. H. Each right, power or remedy herein conferred upon the City is cumulative and in addition to every other right, power or remedy, express or implied, now or hereafter arising, available to the City, of law or in equity, or under any other agreement, and each and every right, power and remedy herein set forth or otherwise so exciting may be exercised from time to time as often and in such order as may be deemed expedient by the City and shall not be a waiver of the right to exercise at any time thereafter any other right, power or remedy. 1. The Developer may not assign this Agreement without the written permission of the City Council J. Developer shall be responsible for the removal of all buildings on site within state and local regulations. Birger Pond shall have all fencing and other debris removed as soon as water levels allow. K. The developer shall provide an updated Parks proposal that incorporates the following Developer installed improvements: Birger Pond (Innisfree Park) and Overlook area o Parking lot for 20 cars o Trail improvements 10 F:\WFW M1005- 140%SubAgcdoc • 2 -3 small shelters /covered picnic tables and small grills * Multiple benches along trails • Large play structure ($45,000) • Extensive landscaping including all grading, seeding and tree plantings • Trails should provide connection opportunities for a trail around the entire pond. • Pedestrian water crossing proposed by the Developer. • The Developer and /or HOA will maintain the park until the development is complete. 24. Notices Required notices to the Developer shall be in writing, and shall be either hand delivered to the Developer, its employees or agents, or mailed to the Developer by registered mail at the following address: Contractor Property Developers Company (CPDC), 7100 Northland Circle North, Brooklyn Park, Minnesota, 55428. Notices to the City shall be in writing and shall be either hand delivered to the City Administrator, or mailed to the City by registered mail in care of the City Administrator at the following address: City Administrator, Rosemount City Hall, 2875 145 Street West, Rosemount, Minnesota 55068. 25. Developer's Risk. Developer has requested that this Agreement be executed by the City prior to final plat approval so that Developer may proceed with grading and construction of utilities. Developer understands that proceeding with such construction activities prior to final plat approval is at its own risk, which risk is voluntarily assumed by Developer. 11 FAWPWW W- t/OSW Av,&c IN WITNESS WHEREOF, the parties have hereunto set their hands the day and year first above written. CITY OF ROSEMOUNT By: By: Cathy Busho, Mayor Linda Jentink, City Clerk CONTRACTOR PROPERTY DEVELOPERS CO. By: STATE OF MINNESOTA ss COUNTY OF DAKOTA The foregoing instrument was acknowledged before me this day of , 2000, by Cathy Busho, Mayor, and Linda Jentink, City Clerk, of the City of Rosemount, a Minnesota municipal corporation, on behalf of the corporation and pursuant to the g ranted by its City Council. Notary Public STATE OF MINNESOTA ss COUNTY OF DAKOTA } The foregoing instrument was acknowledged before me this day Of 2000, by and a , on behalf of the said Notary Public Drafted by: City of Rosemount 2875 145 Street West Rosemount, Minnesota 55068 12 FAWPWQA1005.14W6ohAir doe EXHIBIT A The following clarifies the various portions of the letter of credit for Developer Improvements that are outlined in the Developers Agreement: Grading & Erosion Control — A restoration and erosion control bond to ensure revegetation and erosion control ($800 /acre). Pond Restoration /Erosion Removal — A security to allow for cleaning of sedimentation ponds prior to City acceptance and removing any installed erosion control measures such as silt fence and woodfiber blanket following development of 75 percent of adjoining lots (estimated Lump Sum). Survey Monumentation — An amount equal to 110% of the cost to monument all lots within the development ($55 /lot has been used to calculate this cost). Landscaping — An amount equal to 110% of the cost to complete the minimum required landscaping. If additional landscaping is planned, a bond for that cost is not required. Retaining Walls — An amount equal to 110% of the cost to complete the retaining wall construction. Street Lighting — An amount equal to 110% of the cost to complete the minimum required lighting. If additional lighting is planned, a bond for that cost is not required ($3,000 per light has been used to calculate this cost). Buffer Monumentation — An amount equal to 110% of the cost to manufacture and install the necessary buffer monumentation signs around all ponds and wetlands ($50 per sign has been used to calculate this cost). Park Equipment - An amount equal to 110 % of the cost of improvements agreed upon to be completed in the park areas. Wetland Monitoring — An amount equal to 110 % of the cost to hire a wetland specialist to monitor the mitigation areas for 5 years to ensure their proper creation. This wetland specialist will be hired by the City. Wetland Restoration /Mitigation — An amount equal to 110% of the cost to develop new wetlands should the mitigation not be effective ($20,000 per acre of mitigation). FAWMM1005- 14MExldbit A EXHIBIT B DISBURSEMENT AGREEMENT THIS AGREEMENT, is made and entered on , 2000, by and between Contractors Property Development Corporation (CPDC), a Minnesota Corporation ( "Developer"), Bank of ( "Lender"), and the City of Rosemount, a Minnesota Municipal Corporation ( "City "). WHEREAS, the Developer is the owner of the real property described in Exhibit A attached hereto, commonly known as Evermoor Phase 1 ( "Subdivision "); WHEREAS, on , 2000, the Developer and the City made and entered into a Subdivision Agreement, a copy of which is attached ( "Subdivision Agreement ") concerning the construction of certain improvements to the Subdivision as described therein ( "Public Infrastructure Improvements "); WHEREAS, on , 2000, the Developer and the Lender made and entered into a Loan Agreement ( "Loan Agreement ") wherein the Lender agreed to loan at least the sum of $ to the Developer for the purpose of constructing the Public Infrastructure Improvements and other related development costs; WHEREAS, on , 2000, the Developer, as maker executed and delivered to the Lender, as payee, a promissory note in at least the sum of $ which includes the construction cost including a 10% contingency with interest thereon payable as described therein, and said note was secured by a Mortgage executed and delivered by Developer, as mortgagor, to Lender, as Mortgagee, encumbering the Subdivision; and WHEREAS, the parties desire to establish procedures concerning the disbursement of the fund under the Loan Agreement, NOW, THEREFORE, in consideration of the mutual covenants herein and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereby agree as follows: 1. Securl . The City hereby accepts this Disbursement Agreement as Security for the construction of the Public Infrastructure Improvement under the Subdivision Agreement. The liability of the Lender to the City under this Disbursement Agreement shall automatically be reduced to the extent of advances made by the Lender under the Loan Agreement for the Public Infrastructure Improvements, provided that said advances are approved in writing by the City. 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Final Inspection by the City Pursuant to the Development Agreement, the Engineer and /or the City. Engineer shall make a final inspection of the - Public Infrastructure Improvements. The Engineer /City Engineer may object to any construction defects discovered during the final inspection regardless of when such defects occurred. The failure of the City to object to a prior certification shall not be deemed a waiver of the City's right to demand the correction of any construction defects discovered during the final inspection. 7. Default by Developer: Right to Cure If the Developer commits an event of default upon its obligations as imposed by this Agreement, or pursuant to the Note and Mortgage executed by Developer, or as defined within the Subdivision Agreement with City and does not cure the event of default within the time proscribed within the Subdivision Agreement, the City may give the Developer notice of the City's intention to terminate the private installation of the Public Infrastructure Improvements and the City may proceed to let contracts to complete the Public Infrastructure Improvements. The cost of said contracts, plus other obligations of the Developer under the Subdivision Agreement, may be drawn from the remaining unadvanced amount of Lender under this Disbursement Agreement. In the alternative, upon default the Developer of its obligations under the Subdivision Agreement following the above described notice, the City may request the Lender to advance the remaining unadvanced funds under this Disbursement Agreement directly to the City, which funds the City shall hold in escrow for the exclusive purpose of completing the Public Infrastructure Improvements and satisfying the other obligations of the Developer under the Subdivision Agreement. Upon final completion of the Public Infrastructure Improvements, the City shall pay any remaining funds to Lender to be applied as a payment on Developer's behalf. The notice of uncured default shall be signed by the Mayor or the Clerk of the City. Copies of said notices shall also be served on the Lender. In the event City does not recoup its costs in completing the Public Infrastructure Improvements under the provisions of this paragraph, as an additional remedy, City may, at its option, assess the benefited property in the manner provided by Minnesota Statutes §429.01 et seq. FAWFWI OOS -1161E &M B 8. Terms of Agreement This Agreement shall expire on July 31, 2001. This Agreement shall automatically be extended for successive six -month periods unless Lender gives written notice to the City 30 days prior to any expiration date. If the Lender chooses not to extend the Agreement, and the City desires continued financial security for the Developer's obligations under the Subdivision Agreement, the City may request the Lender disburse to the City the remaining unadvanced amount of this Disbursing Agreement which funds the City shall hold in escrow for the exclusive purpose of completing the Public infrastructure Improvements or other obligations of the Developer under the Subdivision Agreement. Upon final completion of the Public Infrastructure Improvements and satisfaction of the Developer's obligations under the Subdivision Agreement, the City shall pay any remaining funds to Lender to be applied as a payment on Developer's behalf. 9. Any request by the City of the Lender, which is authorized by paragraphs 7 and 8, shall be honored by the Lender within three (3) business days after demand is made by the City. 10. Notices Any notice provided for in this Agreement may be delivered or mailed as follows: Lender: Developer: Contractors Property Developers Company 7100 Northland Circle North Brooklyn Park, Minnesota 55428 City: City of Rosemount 2875 145 Street West Rosemount, Minnesota 55068 Attention: Mr. Tom Burt, City Administrator Such notices shall be deemed to have been given when received by all parties. 11. Governing Law This Agreement shall be governed in all respects by the law of the State of Minnesota. 12. Assignment The rights of the City under this Agreement cannot be assigned. 13. Binding Effect This Agreement shall insure to and bind the parties hereto and their successors and assigns. FAWPWM1005- 1401Ex1uWt B 14. No Third Party Rights This Agreement is made for the sole benefit of the parties hereto. No other person shall have any ,rights or remedies under this Agreement. IN WITNESS WHEREOF, the parties have made and entered into this Agreement as of the first day and year above written. CITY OF ROSEMOUNT 2875 145 Street West Rosemount, Minnesota 55068 By: By: Tom Burt Cathy Busho Its: City Administrator Its: Mayor CONTRACTORS PROPERTY DEVELOPERS COMPANY 7100 Northland Circle North Brooklyn Park, Minnesota 55428 By: By: Its: Its: LENDER By: By: By: By: Its: Its: FAVAN W1005- I4OW -du it 8