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HomeMy WebLinkAboutItem 06.tNovember 3, 2011 Item No. NOVEMBER 7, 2011 CITY COUNCIL MEETING CRESCENT RIDGE SECOND ADDITION DEVELOPMENT CONTRACT ADDENDUM A Proposed Action Staff recommends adoption of the following motion: Move to approve Addendum A to the Crescent Ridge Second Addition Development Contract. Adoption of this motion will extend the date of completion for public improvements from November 30, 2011 to November 30, 2012 and allow for two model home building permits to be issued instead of just one. Overview The Crescent Ridge Second Addition final plat was approved by City Council on October 17, 2011. The final plat includes the development of 37 single - family Tots, the construction of 194 Street, a major collector, and the continued urbanization of existing 195 Street. Shamrock Development has requested that the time of performance for completing the public improvement within the development as listed in Paragraph 12 of the Crescent Ridge Second Addition development contract be extended from November 30, 2011 to November 30, 2012 to provide more time for the contractor to complete the necessary improvements due to the late start in this years construction season. Shamrock Development has also requested the number of model home building permits as listed in Paragraph 15 and in Paragraph 38 Letter E of the Crescent Ridge Second Addition development contract be increased from one to two to provide an opportunity for a second model home to be constructed within the development prior to the plat being opened for the general issuance of building permits which occurs following completion of site grading and the construction of the public streets. Staff recommends adoption of Addendum A of the Crescent Ridge Second Addition development contact. Primary Issues to Consider None. Supporting Information • Signed Addendum A to the Crescent Ridge Second Addition Development Contract and mortgage consent. • Approved Crescent Ridge Second Addition Development Contract. Ily G. Kuennen, AICP Associate Planner Financial Impact: $ None Budgeted: Y/N Source: Related Documents (CIP, ERP, etc.): Notes: ADDENDUM "A" TO DEVELOPMENT CONTRACT FOR CRESCENT RIDGE SECOND ADDITION AGREEMENT dated (reserved for recording information) , 2011, by and between the CITY OF LAKEVILLE, a Minnesota municipal corporation ( "City ") and SHAMROCK DEVELOPMENT, INC., a Minnesota corporation (the "Developer "). 1. BACKGROUND. The Lakeville City Council approved the development contract for CRESCENT RIDGE SECOND ADDITION ( "the Development Contract ") at its October 17, 2011 City Council meeting, for the property legally described on the attached Exhibit "A ". 2. DEVELOPMENT CONTRACT. The Development Contract shall remain in full force and effect except as specifically modified by this Addendum "A ". 3. AMENDMENTS. A. Paragraph 12 of the Development Contract is amended to read as follows: 160617v02 SRN:r10 /28/2011 1 LKVL:CRESCENT RIDGE SECOND ADD. (Shamrock Development, Inc.) follows: 160617v02 12. TIME OF PERFORMANCE. The Developer shall install all required public improvements by November 30, 2012, with the exception of the final wear course of asphalt on streets. The final wear course on streets shall be installed between August 15th and October 15th the first summer after the base layer of asphalt has been in place one freeze thaw cycle. The Developer may, however, request an extension of time from the City. If an extension is granted, it shall be conditioned upon updating the security posted by the Developer to reflect cost increases and the extended completion date. Final wear course placement outside of this time frame must have the written approval of the City Engineer. B. Paragraph 15 of the Development Contract is amended to read as follows: 15. GRADING. The plat shall be graded in accordance with the approved grading development and erosion control plan, Plan "B ". The plan shall conform to City of Lakeville specifications. Within thirty (30) days after completion of the grading and before the City approves individual building permits (except two model home permits on lots acceptable to the Building Official and Planning Director), the Developer shall provide the City with an "as constructed" grading plan certified by a registered land surveyor or engineer that all storm water treatment basins, swales, and ditches have been constructed on public easements or land owned by the City. The "as constructed" plan shall include field verified elevations of the following: a) cross sections of storm water treatment basins; b) location and elevations along all swales, wetlands, wetland mitigation areas if any, ditches, locations and dimensions of borrow areas /stockpiles, and installed "conservation area" posts; and c) lot corner elevations and house pads, and all other items listed in City Code Section 10- 3 -5.NN. The City will withhold issuance of building permits until the approved certified grading plan is on file with the City and all erosion control measures are in place as determined by the City Engineer. The Developer certifies to the City that all lots with house footings placed on fill have been monitored and constructed to meet or exceed FHA/HUD 79G specifications. Prior to the release of the required grading security, an as-built certificate of survey must be submitted to verify that the final as -built grades and elevations of the specific lot and all building setbacks are consistent with the approved grading plan for the development and amendments thereto as approved by the City Engineer, and that all required property monuments are in place. C. Subparagraph 28E of the Development Contract is amended to read as LKVL:CRESCENT RIDGE SECOND ADD. 2 SRN:r10 /28/2011 (Shamrock Development, Inc.) (SEAL) STATE OF MINNESOTA ) ( ss. COUNTY OF DAKOTA ) E. Grading, curbing, and one lift of asphalt shall be installed on all public and private streets prior to issuance of any building permits, except two model homes on lots acceptable to the Building Official and Planning Director. Approval of an administrative permit in compliance with Chapter 27 of the City's zoning ordinance is required prior to the construction of any model homes. 4. RECORDING. This Addendum "A" shall be recorded against all lots, blocks, and outlots in CRESCENT RIDGE SECOND ADDITION. IN WITNESS WHEREOF this Addendum "A" was executed by the parties the day and year first above written. CITY LAKEVILLE BY: Mark Bellows, Mayor AND: Charlene Friedges, City Clerk The foregoing instrument was acknowledged before me this day of 2011, by Mark Bellows and by Charlene Friedges, respectively the Mayor and City Clerk of the City of Lakeville, a Minnesota municipal corporation, on behalf of the corporation and pursuant to the authority granted by its City Council. 160617v02 SRN:r10 /28/2011 Notary Public 3 LKVL:CRESCENT RIDGE SECOND ADD. (Shamrock Development, Inc.) STATE OF MINNESOTA COUNTY OF Anoka ANGELA J ZAJAC NOTARY PUBLIC MINNESOTA •4, 1,,,,..,, My Commission Iroa Jan. 31, 2015 DRAFTED BY: CAMPBELL KNUTSON Professional Association 317 Eagandale Office Center 1380 Corporate Center Curve Eagan, Minnesota 55121 Telephone: (651) 452 -5000 SRN:ms 160617v02 SRN:r 1 0/28/2011 ( ss. SHAMROCK DEVELOPMENT, INC. BY: Notary Pu 4 Its /Vice Pres det The foregoing instrument was acknowledged before me this 2nd day of November , 2011, by Michael J. Kraling the CFO /Vice President of SHAMROCK DEVELOPMENT, INC., a Minnesota • ti . oratio ' on behalf of the corporation. LKVL:CRESCENT RIDGE SECOND ADD. (Shamrock Development, Inc.) DRAFTED BY: CAMPBELL. KNUTSON Professional Association 317 Eagandale Office Center 1380 Corporate Center Curve Eagan, Minnesota 55121 (651) 452 -5000 SRN:ms 160617v02 SRN:r 1 0/28/2011 MORTGAGE CONSENT TO ADDENDUM "A" TO DEVELOPMENT CONTRACT PREMIER BANK, a Minnesota corporation which holds a mortgage on the subject property, the development of which is governed by the Development Contract approved by the Lakeville City Council at its October 17, 2011 council meeting and the foregoing Addendum A to Development Contract, agrees that the Development Contract and Addendum A to same shall remain in full force and effect even if it forecloses on its mortgage. Dated this )day of 140 fel►.b , 2011. STATE OF MINNESOTA ) ( ss. COUNTY OF' TeY ) PREMIER BANK 5 Its The foregoing instrumen as acknowledged be a me this cY day of 14e4ernberl ,2011, by t ricto L-. ree the \ccit. - Q(C<ARK+ of Premier Bank, a Minnesota corporation, on its behalf. NOTARY PUBLIC DENISE R. KIRCHNER NOTARY SJBLIC 1k • LMN sotA M L y to y COMMISSION E XPIAES JAN 31. 2015 LKVI.:Ca scENT RIDGE SECOND ADD. (Shamrock Development. Inc.) 160617v02 EXHIBIT "A" TO ADDENDUM "A" TO DEVELOPMENT CONTRACT Legal Description of Property Being Final Platted as CRESCENT RIDGE SECOND ADDITION The East Half of the Northeast Quarter of Section 20, Township 114, Range 20, Dakota County, Minnesota EXCEPT: That part thereof platted as CRESCENT RIDGE, according to the recorded plat thereof said Dakota County; and ALSO EXCEPTING: The East 16.50 feet of the South 16.50 feet of said Northeast Quarter. LKVL:CRESCENT RIDGE SECOND ADD. 6 SRN:r1O /28/2011 (Shamrock Development, Inc.) (reserved for recording information) DEVELOPMENT CONTRACT (Developer Installed Improvements) CRESCENT RIDGE SECOND ADDITION AGREEMENT dated Oci / 7 , 2011, by and between the CITY OF LAKEVILLE, a Minnesota municipal corporation ( "City "), and SHAMROCK DEVELOPMENT, INC., a Minnesota corporation (the "Developer"). 1. REQUEST FOR PLAT APPROVAL. The Developer has asked the City to approve a plat for CRESCENT RIDGE SECOND ADDITION (referred to in this Contract as the "plat "). The land is situated in the County of Dakota, State of Minnesota, and is legally described as follows: The East Half of the Northeast Quarter of Section 20, Township 114, Range 20, Dakota County, Minnesota EXCEPT: That part thereof platted as CRESCENT RIDGE, according to the recorded plat thereof said Dakota County; and ALSO EXCEPTING: The East 16.50 feet of the South 16.50 feet of said Northeast Quarter. 2. CONDITIONS OF PLAT APPROVAL. The City hereby approves the plat on condition that the Developer enter into this Contract, furnish the security required by it, and record the plat with the County Recorder or Registrar of Titles within 100 days after the City Council approves the final plat. 3. RIGHT TO PROCEED. Within the plat or land to be platted, the Developer may not grade or otherwise disturb the earth, remove trees, construct sewer lines, water lines, streets, utilities, public or 159223v03 1 LKVL:CRESCENT RIDGE SECOND ADDITION SRN:r10 /04/2011 (Shamrock Development, Inc.) private improvements, or any buildings until all the following conditions have been satisfied: 1) this agreement has been fully executed by both parties and filed with the City Clerk, 2) the necessary security has been received by the City, and 3) the plat has been filed with the Dakota County Recorder or Registrar of Titles. 4. PHASED DEVELOPMENT. If the plat is a phase of a multi - phased preliminary plat, the City may refuse to approve final plats of subsequent phases if the Developer has breached this Contract and the breach has not been remedied. Development of subsequent phases may not proceed until Development Contracts for such phases are approved by the City. Park charges, sanitary sewer charges, and storm sewer charges referred to in this Contract are not being imposed on outlots, if any, in the plat that are designated in an approved preliminary plat for future subdivision into Tots and blocks. Such charges will be calculated and imposed when the outlots are final platted into Tots and. blocks. 5. PRELIMINARY PLAT STATUS. If the plat 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 Tots and blocks, not outlots, within two (2) years after preliminary plat approval, unless the preliminary plat has been extended by the City Council per Section 10 -2 -3F of the Lakeville City Code. 6. CHANGES IN OFFICIAL CONTROLS. For two (2) years from the date of this Contract, no amendments to the City's Comprehensive Plan, except an amendment placing the plat in the current metropolitan urban service area, or official controls shall apply to or affect the use, development density, lot size, lot layout or dedications of the approved plat unless required by state or federal law or agreed to in writing by the City and the Developer. Thereafter, notwithstanding anything in this Contract to the contrary, to the full extent permitted by state law, the City may require compliance with any amendments to the City's Comprehensive Plan, official controls, platting or dedication requirements enacted after the date of this Contract. 7. DEVELOPMENT PLANS. The plat shall be developed in accordance with the following plans. The plans shall not be attached to this Contract. With the exception of Plans A and B, the plans may be revised and finalized after the date f this Contract, subject to the City Engineer's approval. All plans 159223v03 2 LKVL:CRESCENT RIDGE SECOND ADDITION SRN:r10 /04/2011 (Shamrock Development, Inc.) must be final and approved by the City Engineer before commencement of any work in the plat. The City Engineer may approve minor amendments to Plan B without City Council approval. The erosion control plan may also be approved by the Dakota County Soil and Water Conservation District. If the plans vary from the written terms of this Contract, the written terms shall control. The plans are: Plan A - Plat Plan B - Final Grading, Drainage, and Erosion Control Plan Plan C - Plans and Specifications for Public Improvements Plan E - Street Lighting Plan Plan F - Landscape Plan 8. IMPROVEMENTS. The Developer shall install and pay for the following: A. Sanitary Sewer System B. Water System C. Storm Sewer System D. Street Construction E. Concrete Curb and Gutter F. Street Lights G. Site Grading, Stormwater Treatment/Infiltration Basins, and Erosion Control H. Underground Utilities Setting of Iron Monuments J. Surveying and Staking K. Sidewalks and Trails The improvements shall be installed in accordance with the City subdivision ordinance; City standard specifications for utility and street construction; and any other ordinances including Section 11 -16 -7 of the City Code concerning erosion and drainage and Section 4 -1-4 -2 prohibiting grading, construction activity, and the use of power equipment between the hours of 10 o'clock p.m. and 7 o'clock a.m. The Developer shall submit plans and specifications which have been prepared by a competent registered professional engineer to the City for approval by the City Engineer. The Developer shall instruct its engineer to provide adequate field inspection personnel to assure an acceptable level of quality control to the extent that the Developer's engineer will be able to certify that the construction work meets the approved City standards as a condition of City acceptance. In addition, the City may, at the City's discretion and at the Developer's 159223v03 3 LKVL:CRESCENT RIDGE SECOND ADDITION SRN:r10 /04/2011 (Shamrock Development, Inc.) expense, have one or more City inspectors and a soil engineer inspect the work on a full or part-time basis. The Developer, its contractors and subcontractors, shall follow all instructions received from the City's inspectors. The Developer's engineer shall provide for on -site project management. The Developer's engineer is responsible for design changes and contract administration between the Developer and the Developer's contractor. The Developer or his engineer shall schedule a pre- construction meeting at a mutually agreeable time at the City with all parties concerned, including the City staff, to review the program for the construction work. Within thirty (30) days after the completion of the improvements and before the security is released, the Developer shall supply the City with a complete set of reproducible "as constructed" plans and an electronic file of the "as constructed" plans in an AutoCAD.DWG file or a .DXF file, all prepared in accordance with City standards. In accordance with Minnesota Statutes 505.02, the final placement of iron monuments for all lot corners must be completed before the applicable security is released. The Developer's surveyor shall also submit a written notice to the City certifying that the monuments have been installed. 9. CONTRACTORS /SUBCONTRACTORS. City Council members, City employees, and City Planning Commission members, and corporations, partnerships, and other entities in which such individuals have greater than a 25% ownership interest or in which they are an officer or director may not act as contractors or subcontractors for the public improvements identified in Paragraph 8 above. 10. PERMITS. The Developer shall obtain or require its contractors and subcontractors to obtain all necessary permits, including but not limited to: • Minnesota Department of Health for Watermains • NPDES Permit for Stormwater Connections • MPCA for Sanitary Sewer and Hazardous Material Removal and Disposal • DNR for Dewatering • City of Lakeville for Building Permits • MCES for Sanitary Sewer Connections • City of Lakeville for Retaining Walls 11. DEWATERING. Due to the variable nature of groundwater levels and stormwater flows, it will be the Developer's and the Developer's contractors and subcontractors responsibility to satisfy 159223v03 4 LKVL:CRESCENT RIDGE SECOND ADDITION SRN:r10 /04/2011 (Shamrock Development, Inc.) themselves with regard to the elevation of groundwater in the area and the level of effort needed to perform dewatering and storm flow routing operations. All dewatering shall be in accordance with all applicable county, state, and federal rules and regulations. DNR regulations regarding appropriations permits shall also be strictly followed. 12. TIME OF PERFORMANCE. The Developer shall install all required public improvements by November 30, 2011, with the exception of the final wear course of asphalt on streets. The final wear course on streets shall be installed between August 15th and October 15th the first summer after the base layer of asphalt has been in place one freeze thaw cycle. The Developer may, however, request an extension of time from the City. If an extension is granted, it shall be conditioned upon updating the security posted by the Developer to reflect cost increases and the extended completion date. Final wear course placement outside of this time frame must have the written approval of the City Engineer. 13. LICENSE. The Developer hereby grants the City, its agents, employees, officers and contractors a license to enter the plat to perform all work and inspections deemed appropriate by the City in conjunction with plat development. 14. EROSION CONTROL. Prior to initiating site grading, the erosion control plan, Plan B, shall be implemented by the Developer and inspected and approved by the City or Dakota County Soil and Water Conservation District. The City or Dakota County Soil and Water Conservation District may impose additional erosion control requirements if they would be beneficial. All areas disturbed by the excavation and backfilling operations shall be reseeded within 48 hours after the completion of the work or in an area that is inactive for more than seven (7) days unless authorized and approved by the City Engineer. Except as otherwise provided in the erosion control plan, seed shall be in accordance with the City's current seeding specification which may include certified oat seed to provide a temporary ground cover as rapidly as possible. All seeded areas shall be fertilized, mulched, and disc anchored as necessary for seed retention. The parties recognize that time is of the essence in controlling erosion. If the Developer does not comply with the erosion control plan and schedule or supplementary instructions received from the City or the Dakota County Soil and Water Conservation District, the City may take such action as it deems 159223v03 5 LKVL:CRESCENT RIDGE SECOND ADDITION SRN:r10 /04/2011 (Shamrock Development, Inc.) appropriate to control erosion. The City will endeavor to notify the Developer in advance of any proposed action, but failure of the City to do so will not affect the Developer's and City's rights or obligations hereunder. If the Developer does not reimburse the City for any cost the City incurred for such work within ten (10) days, the City may draw down the letter of credit to pay any costs. No development, utility or street construction will be allowed and no building permits will be issued unless the plat is in full compliance with the approved erosion control plan. 15. GRADING. The plat shall be graded in accordance with the approved grading development and erosion control plan, Plan "B ". The plan shall conform to City of Lakeville specifications. Within thirty (30) days after completion of the grading and before the City approves individual building permits (except one model home permit on a lot acceptable to the Building Official), the Developer shall provide the City with an "as constructed" grading plan certified by a registered land surveyor or engineer that all storm water treatment basins, swales, and ditches have been constructed on public easements or land owned by the City. The "as constructed" plan shall include field verified elevations of the following: a) cross sections of storm water treatment basins; b) location and elevations along all swales, wetlands, wetland mitigation areas if any, ditches, locations and dimensions of borrow areas /stockpiles, and installed "conservation area" posts; and c) lot corner elevations and house pads, and all other items listed in City Code Section 10- 3 -5.NN. The City will withhold issuance of building permits until the approved certified grading plan is on file with the City and all erosion control measures are in place as determined by the City Engineer. The Developer certifies to the City that all lots with house footings placed on fill have been monitored and constructed to meet or exceed FHA/HUD 79G specifications. Prior to the release of the required grading security, an as -built certificate of survey must be submitted to verify that the final as -built grades and elevations of the specific lot and all building setbacks are consistent with the approved grading plan for the development and amendments thereto as approved by the City Engineer, and that all required property monuments are in place. 16. CLEAN UP. The Developer shall clean dirt and debris from streets that has resulted from construction work by the Developer, home builders, subcontractors, their agents or assigns. Prior to any 159223v03 SRN:r 10 /04/2011 6 LKVL:CRESCENT RIDGE SECOND ADDITION (Shamrock Development, Inc.) construction in the plat, the Developer shall identify in writing a responsible party and schedule for erosion control, street cleaning, and street sweeping. 17. OWNERSHIP OF IMPROVEMENTS. Upon completion of the work and construction required by this Contract and final acceptance by the City, the improvements Tying within public easements shall become City property without further notice or action. 18. CITY ENGINEERING ADMINISTRATION AND CONSTRUCTION OBSERVATION. The Developer shall pay a fee for in -house engineering administration. City engineering administration will include monitoring of construction observation, consultation with Developer and his engineer on status or problems regarding the project, coordination for final inspection and acceptance, project monitoring during the warranty period, and processing of requests for reduction in security. Fees for this service shall be three percent (3 %) of construction costs identified in the Summary of Security Requirements if using a letter of credit, assuming normal construction and project scheduling. The Developer shall pay for construction observation performed by the City's in -house engineering staff or consulting engineer. Construction observation shall include part or full time inspection of proposed public utilities and street construction and will be billed on hourly rates estimated to be seven percent (7 %) of the estimated construction cost. 19. STORM SEWER. Development of Crescent Ridge Second Addition includes public storm sewer construction. Storm sewer will be installed within the subdivision to collect and convey stormwater runoff generated from within the public right -of -way and lots to the public stormwater basins located within Outlot A, Crescent Ridge and Outlot A, Crescent Ridge Second Addition. The Trunk Storm Sewer Area Charge has not been collected on the parent parcel of Crescent Ridge Second Addition and must be paid in cash at the time of final plat approval. The Trunk Sewer Area Charge is calculated as follows: 159223v03 SRN:r10 /04/2011 Gross Area of Crescent Ridge Second Addition Less Area of Outlot A (Public Stormwater Basins) Less Area of Outlot B (Future Development) Less Area of Outlot C (Future Development) Less Area of Holyoke Avenue Right -of -Way (-) (-) (-) ( -) 3,260,896 s.f. 98,542 s.f. 144,430 s.f. 1,930,086 s.f. 296,074 s.f. 7 LKVL:CRESCENT RIDGE SECOND ADDITION (Shamrock Development, Inc.) follows: Less Area of 194 Street Right -of -Way ( -) 104,697 s.f. Less Area of 190 Street Right -of -Way ( -) 26,763 s.f. Total = 660,304 s.f. 660,304 s.f. (Net Area of Final Plat) x $0.167/s.f. (Area Charge) = $110,270.77 The Developer will receive a credit to the Trunk Storm Sewer Area Charge in the amount of $12,430.00 for conveying Outlot A to the City. The credit of $12,430.00 for the 2.26 acres of land is calculated at the rate of $5,500.00 per acre, consistent with City policy, and will be applied as a credit to the Crescent Ridge Second Addition final plat cash fees. The resulting final balance due the City for Trunk Storm Sewer Area Charge is calculated as Trunk Storm Sewer Area Charge Less Credit for Outlot A Balance Due $ 110,270.77 ( -) 12,430.00 $ 97,840.77 20. SANITARY SEWER. Development of Crescent Ridge Second Addition includes public sanitary sewer construction. Eight inch (8 ") sanitary sewer will be extended within the subdivision from an existing sanitary sewer stub to provide service to the lots. The Sanitary Sewer Trunk Area Charge was previously assessed ( #118) to 32.80 acres of the Crescent Ridge Second Addition parent parcel (including the Crescent Ridge plat) in 1980; that assessment has been paid. The Crescent Ridge plat consisted of 3.44 acres of developable land. Therefore, the Sanitary Sewer Trunk Area Charge has been collected on 29.36 acres of the Crescent Ridge Second Addition preliminary plat. The Sanitary Sewer Availability Charge will be collected on the remaining balance of the Crescent Ridge Second Addition preliminary plat. The Crescent Ridge Second Addition developable area is calculated as follows: Crescent Ridge Second Addition (Total Area) 74.86 acres Less Area of Outlot A (Public Stormwater Basins) ( -) 2.26 acres Less Area of Outlot B (Future Development) ( -) 3.32 acres Less Area of Outlot C (Future Development) ( -) 44.31 acres Less Area of Holyoke Avenue Right -of -Way ( -) 6.80 acres Less Area of 194 Street Right -of -Way ( -) 2.40 acres Less Area of 190 Street Right -of -Way ( -) 0.61 acres Balance = 15.16 acres 159223v03 8 LKVL:CRESCENT RIDGE SECOND ADDITION SRN:r10 /04/2011 (Shamrock Development, Inc.) The Sanitary Sewer Availability Charge for Crescent Ridge Second Addition is satisfied. The credit for the remaining area (14.20 acres) will be applied to future phases of development. 21. LATERAL SANITARY SEWER ACCESS CHARGE. The Lateral Sanitary Sewer Access Charge for the sanitary sewer within the 195 Street right -of -way has not been collected on the parent parcel of Crescent Ridge Second Addition and must be paid in cash at the time of final plat approval. The Lateral Sanitary Sewer Access Charge is calculated as follows: 260.00 f.f. (Front Footage Along 195`" St.) x $39.00 /f.f. (Access Charge) = $10,140.00 22. WATERMAIN. Development of Crescent Ridge Second Addition includes public watermain construction. Eight inch (8 ") and 16 -inch watermain will be extended within the subdivision from an existing watermain stub to provide service to the lots. Consistent with the approved Crescent Ridge Second Addition preliminary plat, 8 -inch watermain will be constructed within 195 Street. The watermain will be constructed south of the existing gravel road in an effort to keep the existing road in service as long as possible. The watermain construction, in addition to the water service locations, must be coordinated with the residents along 195 Street. The Developer will receive a credit for the watermain improvements within 195 Street, consistent with City policy. The credit is 50% of the construction cost of the watermain within 195 Street and 100% of the construction cost of the water services to the existing properties along 195 Street. The credit in the amount of $10,265.00 is based on an estimate provided by the Developer's engineer and includes associated engineering, contract administration and construction staking costs, estimated to be 15% of the construction cost, and will be applied to the Crescent Ridge Second Addition final plat cash fees. The Developer will also receive a credit for the trunk watermain improvements, consistent with City policy. The credit in the amount of $31,910.00 is the construction cost difference between 16 -inch watermain and 8 -inch watermain based on an estimate provided by the Developer's engineer, and will be applied to the Crescent Ridge Second Addition final plat cash fees. 159223v03 9 LKVL:CRESCENT RIDGE SECOND ADDITION SRN:r10 /04/2011 (Shamrock Development, Inc.) 23. FUTURE UPGRADE OF HOLYOKE AVENUE. The Development must pay a cash fee for the future upgrade of Holyoke Avenue at the time of final plat approval. The cash fee is calculated as follows: 257.89 f.f. (Front Footage Along Holyoke Ave) x $72.00/f.f. (Street Assessment Rate) = $18,568.08 24. CONSTRUCTION ACCESS. Construction traffic access and egress for grading, public utility construction, and street construction is restricted to access the subdivision site by 194 Street via Holyoke Avenue. 25. PARK DEDICATION, TRAILS AND SIDEWALKS. The City's park dedication requirement has not been collected on the parent parcel of Crescent Ridge Second Addition and will be satisfied by a cash contribution that must be paid at the time of final plat approval. The park dedication fee is calculated as follows: 37 Single - Family Dwelling Units x $4,747 /unit = $175,639.00 Development of Crescent Ridge Second Addition includes the construction of public bituminous trails and public concrete sidewalks. Five foot wide concrete sidewalks will be constructed along one side of all local streets within the final plat, except Hearth Court. The Developer is responsible for the construction and cost of installing these sidewalks. Eight foot wide bituminous trails will be constructed along both sides of 194 Street, consistent with the City's Parks, Trails and Open Space Plan. The Developer will receive a credit to the park dedication fee for the City's 3 /8 portion of the trail costs (excluding grading and restoration), consistent with the City subdivision ordinance and City policy. The $7,342.50 credit is based on an estimate provided by the Developer's engineer and will be applied to the Crescent Ridge Second Addition final plat cash fees. The City's Parks, Trails and Open Space Plan identifies future 10 -foot wide bituminous trails along the east side of Holyoke Avenue and the south side of 190 Street. The Developer will rough -grade the trail base within the easterly right -of -way of Holyoke Avenue and pay its 518 portion of the trail costs (including 100% of grading and restoration), consistent with the City subdivision ordinance and City policy. The Developer's 5 /8 portion is $2,059.54 and is based on an estimate provided by the Developer's 159223v03 SRN:r 10 /04/2011 10 LKVL:CRESCENT RIDGE SECOND ADDITION (Shamrock Development, Inc.) engineer and will be applied to the Crescent Ridge Second Addition final plat cash fees. The cash fee for the Developer's 5 /8 portion of the trail costs along Holyoke Avenue and 190 Street that are adjacent to Outlot C, Crescent Ridge Second Addition will be collected when Outlot C develops. The resulting balance due the City for park dedication is calculated as follows: Park Dedication Fee Holyoke Avenue Future Trail Improvements Less Credit for 194 Street Trail Improvements Balance Due $ 175,639.00 2,059.54 ( -) 7,342.50 $ 170,356.04 The park dedication fee shall be placed in escrow in accordance with the Escrow Agreement attached hereto. 26. TRAFFIC CONTROL SIGNS AND STREET LIGHT OPERATION COSTS. There is a cash fee for traffic control signs due in the amount of $5,711.50, which includes seven street and stop signs, one speed limit sign, three mandatory movement lane control signs, two "No Outlet" signs, two winter "No Parking" signs, six end -of -road object market signs, and two future street connection signs. If the street posts are installed in frost conditions, the Developer must pay an additional $150.00 at each street post location. There is also a cash fee due for one -year of streetlight operating expenses calculated as follows: 37 dwelling units x $7.65/unit/qtr. X 4 qtrs. = $1,132.20 The traffic control sign fee and the fee for one -year of streetlight operating expenses must be paid in cash at the time of final plat approval. 27. SURFACE WATER MANAGEMENT UTILITY FEE. A cash fee for one -year of surface water management expenses must be paid with the final plat calculated as follows: 37 dwelling units x $7.00 /unit/qtr. X 4 qtrs. = $1,036.00 The $1,036.00 fee for one -year of surface water management expenses must be paid in cash at the time of final plat approval. 28. LANDSCAPING. Unless the lot already has two (2) trees on it, the Developer or lot purchaser shall plant sufficient trees so that there are at least two (2) trees on every lot in the plat. 159223v03 11 LKVL:CRESCENT RIDGE SECOND ADDITION SRN:r10 /04/2011 (Shamrock Development, Inc.) Suitable deciduous trees include: 159223v03 SRN:r10 /04/2011 Birch Honeylocust Maple Ginkgo (male only) Kentucky Coffee Oak Hackberry Linden (Basswood) Suitable coniferous trees include: Fir European Larch Colorado Blue & Green Spruce Cedar Black Hills Spruce Austrian Pine Canadian Hemlock White Pine Trees which can cause a public nuisance, such as cotton producing trees, or can be a public hazard, such as bug infestation or weak bark, are prohibited. The minimum deciduous tree size shall be two and one -half (2 %) inches caliper, either bare root in season, or balled and burlapped. Evergreen trees must be at least eight feet (8') tall. The trees may not be planted in the right -of -way. The Developer or lot purchaser shall sod the front yard, boulevard, and side yards to the rear of the structure on every lot. Weather permitting, the trees, sod, and seed shall be planted within sixty (60) days after a home is constructed on a lot. Before a building permit is issued, a cash escrow of $2,000.00 per lot shall be furnished the City to guarantee compliance with the erosion control and the landscaping requirements, and the submittal of an as -built certificate of survey. If the final grading and landscaping is not timely completed, the City may enter the lot, perform the work, and apply the cash escrow toward the cost. Upon satisfactory completion of the landscaping the escrow funds, without interest, Tess any draw made by the City, shall be returned to the person who deposited the funds with the City. All trees shall be warranted to be alive, of good quality, and disease free for twelve (12) months after planting. Any replacements shall be warranted for twelve (12) months from the time of planting. 29. BUFFER YARD /LANDSCAPE SCREENING AND SODDING. Screening adjacent to 194 Street and Holyoke Avenue must be installed consistent with the approval landscape plan. Before the City signs the final plat, the Developer must post a $40,000.00 security to ensure the landscaping is installed consistent with the approved landscape plan for the buffer yards along Holyoke Avenue and 194 Street and for the landscaping within the stormwater basin and filtration basin area. 12 LKVL:CRESCENT RIDGE SECOND ADDITION (Shamrock Development, Inc.) The side and rear yards of the lots abutting Holyoke Avenue and 194 Street must be sodded to the edge of the right -of -way or trail. A $1,000.00 cash escrow must be submitted with the building permit application for each of these Tots. This escrow will be in addition to the landscape /sod escrow required for each lot at the time of building permit. 30. TREE PRESERVATION. There are no significant trees within the boundaries of Crescent Ridge Second Addition. 31. WETLAND MITIGATION. There are no existing wetlands within the boundaries of Crescent Ridge Second Addition. 32. SPECIAL PROVISIONS. The following special provisions shall apply to plat development: A. Implementation of the recommendations listed in the August 12, 2011 Engineering report. All of the cash fees, escrows and securities listed in said report must be submitted to the City prior to the release of the final plat Mylars. B. Implementation of the recommendations of the Parks, Recreation, and Natural Resources Committee. C. Before the City signs the final plat, the Developer shall convey Outlot A to the City by warranty deed, free and clear of any and all encumbrances. This 2.26 acres of land will be conveyed to the City at an agreed upon price of $5,500.00 per acre as outlined in Paragraph 19 above in accordance with City policy. D. The Developer must provide the City with a legal description establishing a temporary public drainage and utility easement across Outlot C, Crescent Ridge Second Addition. Before the City signs the final plat, the Developer shall furnish the City an appropriately executed temporary easement, in recordable form. E. All proposed subdivision identifications signs must be shown on the plans prior to City Council approval of the final plat. If subdivision identification signs are to be installed, they must comply with Section 9 -3 -7A of the City's sign ordinance and a permit must be issued by the City prior to installation of any signs. 159223v03 13 LKVL:CRESCENT RIDGE SECOND ADDITION SRN:r10 /04 /2011 (Shamrock Development, Inc.) F. All turn lane and by -pass lane improvements on Holyoke Avenue and 194 Street, as listed in the August 12, 2011 Engineering report, must be completed by the Developer. G. The area of 195 Street adjacent to the final plat as indicated on the approved plans must be improved to a local street standard. The Developer must maintain uninterrupted access to the existing residents along 195 Street during construction and while 195 Street is reconstructed to the extent possible. Uninterrupted access must be maintained during working hours. A temporary roadway must be constructed north of 195 Street and used during construction while 195 Street is being reconstructed. In addition, provisions must be made to allow the pick -up and drop -off of school age children by the bus service. The Developer will fully fund the construction and reconstruction of 195 Street; no costs associated with the road improvements will be assessed to the existing property owners. H. Barricades and future street connection signs must be installed by the Developer at the east end of 193` Street and 194 Street until the streets are extended in the future. I. The Developer will complete the remaining public improvements of the Crescent Ridge Development Contract. The 195 Street access at Holyoke Avenue must remain open until 194 Street and Hilldale Avenue are open to traffic. The Developer will be reimbursed in the amount of $115,754.16 based on an estimate provided by the Developer's engineer which includes associated engineering, contract administration and construction staking costs, estimated to be 15% of the construction cost. The Developer will be reimbursed following the final acceptance of the public improvements by the City Council. J. The Crescent Ridge Second Addition development must comply with the following setback requirements: 159223v03 SRN:r 10 /04/2011 Front Yard Side Yard (Interior) Side Yard (Corner) Side Yard (abutting Holyoke Ave & 194 Street) Rear Yard Rear Yard (abutting Holyoke Ave & 194 Street) 30 feet 10 feet 20 feet 50 feet 30 feet 60 feet 14 LKVL:CRESCENT RIDGE SECOND ADDITION (Shamrock Development, Inc.) A side yard setback of thirty (30) feet for Lot 1, Block 4 and Lot 1, Block 5 adjacent to the south side of 194 Street must be provided to maintain consistency with the Tots platted in Crescent Ridge First Addition. K. Prior to City Council approval of the final plat, the Developer shall furnish a boundary survey of the proposed property to be platted with all property corner monumentation in place and marked with lath and a flag. Any encroachments on or adjacent to the property shall be noted on the survey. The Developer shall post a $4,000.00 security for the final placement of interior subdivision iron monuments at property corners. The security was calculated as follows: 40 lots /outlots at $100.00 per Iot/outlot. The security will be held by the City until the Developer's land surveyor certifies that all irons have been set following site grading and utility and street construction. In addition, the certificate of survey must also include a certification that all irons for a specific lot have either been found or set prior to the issuance of a building permit for that lot. L. The Developer shall pay a cash fee for the preparation of record construction drawings and City base map updating. This fee is $75.00 per lot/outlot for a total charge of $3,000.00. M. The Developer shall be responsible for the cost of street Tight installation consistent with a street lighting plan approved by the City. Before the City signs the final plat, the Developer shall post a security for street Tight installation consistent with the approved plan. The amount of this security is $12,000.00 and consists of four (4) mast -arm street lights at $1,200.00 each and eight (8) post -top street lights at $900.00 each. N. The Developer is required to submit the final plat in electronic format. The electronic format shall be either AutoCAD.DWG file or a .DXF file. All construction record drawings (e.g., grading, utilities, streets) shall be in electronic format in accordance with standard City specifications. The Developer shall also submit one complete set of reproducible construction plans on Mylar. 33. SUMMARY OF SECURITY REQUIREMENTS. To guarantee compliance with the terms of this agreement, payment of real estate taxes including interest and penalties, payment of special assessments, payment of the costs of all public improvements, and construction of all public improvements, the Developer shall furnish the City with a letter of credit, in the form attached hereto, from a 159223v03 SRN:r 10/04/2011 15 LKVL:CRESCENT RIDGE SECOND ADDITION (Shamrock Development, Inc.) bank ( "security ") for $1,477,422.80, plus a cash fee of $36,603.16 for City engineering administration. The amount of the security was calculated as follows: CONSTRUCTION COSTS: Sanitary Sewer $ 152,110.00 Watermain 198,701.00 Storm Sewer /Draintile 191,332.00 Street Construction 523,062.25 Erosion Control, Stormwater and Filtration Basins, Restoration and Grading Certification 154,900.15 CONSTRUCTION SUB -TOTAL $ 1,220,105.40 OTHER COSTS: Developer's Design (6.0 %) $ 73,206.32 Developer's Construction Survey (2.5 %) 30,502.64 City Legal Expenses (Est. 0.5 %) 6,100.53 City Construction Observation (Est. 7.0 %) 85,407.38 Developer's Record Drawings (0.5 %) 6,100.53 Landscaping 40,000.00 Street Lights 12,000.00 Lot Corners /Iron Monuments 4,000.00 OTHER COSTS SUB -TOTAL $ 257,317.40 TOTAL PROJECT SECURITIES: $ 1,477,422.80 This breakdown is for historical reference; it is not a restriction on the use of the security. The bank shall be subject to the approval of the City Administrator. The City may draw down the security, without notice, for any violation of the terms of this Contract or if the security is allowed to lapse prior to the end of the required term. If the required public improvements are not completed at least thirty (30) days prior to the expiration of the security, the City may also draw it down. If the security is drawn down, the proceeds shall be used to cure the default. Upon receipt of proof satisfactory to the City that work has been completed and financial obligations to the City have been satisfied, with City approval the security may be reduced from time to time by ninety percent (90 %) of the financial obligations that have been satisfied. Ten percent (10 %) of the amounts certified by the Developer's engineer shall be retained as security until all 159223v03 SRN:r10 /04/2011 16 LKVL:CREscENT RIDGE SECOND ADDITION (Shamrock Development, Inc.) improvements have been completed, all financial obligations to the City satisfied, the required "as constructed" plans have been received by the City, a warranty security is provided, and the public improvements are accepted by the City Council. The City's standard specifications for utility and street construction outline procedures for security reductions. 34. SUMMARY OF CASH REQUIREMENTS. The following is a summary of the cash requirements under this Contract which must be furnished to the City at the time of final plat approval: 159223v03 SRN:r10 /04/2011 Future Upgrade of Holyoke Avenue Holyoke Avenue Future Trail Improvements Park Dedication Fee Trunk Storm Sewer Area Charge Later Sanitary Sewer Access Charge Traffic Control Signs Street Light Operating Fee Surface Water Management Utility Fee City Base Map Updating Fee City Engineering Administration (3 %) SUB -TOTAL - CASH REQUIREMENTS Credits to Cash Requirements: 194 Street Trail Improvements 195 Street Watermain Improvements Trunk Watermain Improvements Outlot A Conveyance to the City SUB -TOTAL — CREDITS TO CASH REQUIREMENTS TOTAL CASH REQUIREMENTS $ 18,568.08 2,059.54 175,639.00 (Escrowed) 110,270.77 10,140.00 5,711.50 1,132.20 1,036.00 3,000.00 36, 603.16 $ 364,160.25 $ 7,342.50 10, 265.00 31,910.00 12,430.00 $ 61,947.50 $ 302,212.75 35. WARRANTY. The Developer warrants all improvements required to be constructed by it pursuant to this Contract against poor material and faulty workmanship. The warranty period for streets is one year. The warranty period for underground utilities is two years and shall commence following completion and acceptance by City Council. The one year warranty period on streets shall commence after the final wear course has been installed and accepted by the City Council. The Developer shall post maintenance bonds in the amount of twenty -five percent (25 %) of final certified construction costs to secure the warranties. The City shall retain ten percent (10 %) of the security posted by the Developer until the maintenance bonds are fumished the City or until the warranty period expires, whichever first occurs. 17 LKVL:CRESCENT RIDGE SECOND ADDITION (Shamrock Development, Inc.) The retainage may be used to pay for warranty work. The City's standard specifications for utility and street construction identify the procedures for final acceptance of streets and utilities. 36. RESPONSIBILITY FOR COSTS. A. Except as otherwise specified herein, the Developer shall pay all costs incurred by it or the City in conjunction with the development of the plat, including but not limited to Soil and Water Conservation District charges, legal, planning, engineering and inspection expenses incurred in connection with approval and acceptance of the plat, the preparation of this Contract, review of construction plans and documents, and all costs and expenses incurred by the City in monitoring and inspecting development of the plat. B. The Developer shall hold the City and its officers, employees, and agents harmless from claims made by itself and third parties for damages sustained or costs incurred resulting from plat approval and development. The Developer shall indemnify the City and its officers, employees, and agents for all costs, damages, or expenses which the City may pay or incur in consequence of such claims, including attorneys' fees. C. The Developer shall reimburse the City for costs incurred in the enforcement of this Contract, including engineering and attorneys' fees. D. The Developer shall pay, or cause to be paid when due, and in any event before any penalty is attached, all special assessments referred to in this Contract. This is a personal obligation of the Developer and shall continue in full force and effect even if the Developer sells one or more lots, the entire plat, or any part of it. E. The Developer shall pay in full all bills submitted to it by the City for obligations incurred under this Contract within thirty (30) days after receipt. If the bills are not paid on time, the City may halt plat development and construction until the bills are paid in full. Bills not paid within thirty (30) days shall accrue interest at the rate of eighteen percent (18 %) per year. 159223v03 18 LKVL:CRESCENT RIDGE SECOND ADDITION SRN:r10 /04/2011 (Shamrock Development, Inc.) F. In addition to the charges and special assessments referred to herein, other charges and special assessments may be imposed such as but not limited to sewer availability charges ( "SAC "), City water connection charges, City sewer connection charges, and building permit fees. 37. 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, except in an emergency as determined by the City, is first given notice of the work in default, not Tess than forty -eight (48) hours in advance. This Contract is a license for the City to act, and it shall not be necessary for the City to seek 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, assess the cost in whole or in part. 38. MISCELLANEOUS. A. The Developer represents to the City that the plat complies 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 plat does not comply, the City may, at its option, refuse to allow construction or development work in the plat 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 Contract. C. Breach of the terms of this Contract 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 phrase of this Contract is for any reason held invalid, such decision shall not affect the validity of the remaining portion of this Contract. E. Grading, curbing, and one lift of asphalt shall be installed on all public and private streets prior to issuance of any building permits, except one model home on a lot acceptable to the Building Official. Approval of an administrative permit in compliance with Chapter 27 of the City's zoning ordinance is required prior to the construction of any model homes. 159223v03 19 LKVL:CRESCENT RIDGE SECOND ADDITION SRN:r10 /04/2011 (Shamrock Development, Inc.) F. If building permits are issued prior to the 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, material men, employees, agents, or third parties. No sewer and water connections or inspections may be conducted and no one may occupy a building for which a building permit is issued on either a temporary or permanent basis until the streets needed for access have been paved with a bituminous surface and the utilities are accepted by the City Engineer. G. The action or inaction of the City shall not constitute a waiver or amendment to the provisions of this Contract. 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 Contract shall not be a waiver or release. H. This Contract shall run with the land and may be recorded against the title to the property. The Developer covenants with the City, its successors and assigns, that the Developer is well seized in fee title of the property being final platted and /or has obtained consents to this Contract, in the form attached hereto, from all parties who have an interest in the property; that there are no unrecorded interests in the property being final platted; and that the Developer will indemnify and hold the City harmless for any breach of the foregoing covenants. I. Developer shall take out and maintain or cause to be taken out and maintained until six (6) months after the City has accepted the public improvements, public liability and property damage insurance covering personal injury, including death, and claims for property damage which may arise out of Developer's work or the work of its subcontractors or by one directly or indirectly employed by any of them. Limits for bodily injury and death shall be not less than $500,000 for one person and $1,000,000 for each occurrence; limits for property damage shall be not less than $200,000 for each occurrence; or a combination single limit policy of $1,000,000 or more. The City shall be named as an additional insured on the policy on a primary and noncontributory basis, and the Developer shall file with the City a certificate 159223v03 SRN:r 10 /04/2011 20 LKVL:CRESCENT RIDGE SECOND ADDITION (Shamrock Development, Inc.) evidencing coverage prior to the City signing the plat. The certificate shall provide that the City must be given ten (10) days advance written notice of the cancellation of the insurance. J. 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 City, at law or in equity, or under any other agreement, and each and every right, power and remedy herein set forth or otherwise so existing 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. K. The Developer may not assign this Contract without the written permission of the City Council. The Developer's obligation hereunder shall continue in full force and effect even if the Developer sells one or more lots, the entire plat, or any part of it. L. Retaining walls that require a building permit shall be constructed in accordance with plans and specifications prepared by a structural or geotechnical engineer licensed by the State of Minnesota. Following construction, a certification signed by the design engineer shall be filed with the City Engineer evidencing that the retaining wall was constructed in accordance with the approved plans and specifications. All retaining walls identified on the development plans or by special conditions referred to in this Contract shall be constructed before any other building permit is issued for a lot on which a retaining wall is required to be built. 39. 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 certified mail at the following address: 3200 Main Street, Suite 300, Coon Rapids, Minnesota 55448. Notices to the City shall be in writing and shall be either hand delivered to the City Administrator, or mailed to the City by certified mail in care of the City Administrator at the following address: Lakeville City Hall, 20195 Holyoke Avenue, Lakeville, Minnesota 55044. 159223v03 SRN:r 10/04/2011 [The remainder of this page has been intentionally left blank. Signature pages follow.] 21 LKVL:CRESCENT RIDGE SECOND ADDITION (Shamrock Development, Inc.) (SEAL) STATE OF MINNESOTA ) ( ss. COUNTY OF DAKOTA ) PENNY BREVIG NOTARY PUBLIC • MINNESOTA My Commission Expires Jan. 31, 2015 159223v03 SRN:r 10/04/2011 CITY OF LAKEVILLE BY: AND Ma Bellows, Mayor Charlene Friedges, Cita' Ierk The foregoing instrument was acknowledged before me this /) day of O lobf r , 2011, by Mark Bellows and by Charlene Friedges, the Mayor and City Clerk of the City of Lakeville, a Minnesota municipal corporation, on behalf of the corporation and pursuant to the authority granted by its City Council. � f NOTARY PU44..p 22 LKVL:CRESCENT RIDGE SECOND ADDITION (Shamrock Development, Inc.) STATE OF MINNESOTA ) ( ss. COUNTY OF DAKOTA ) =e : ANGELA J ZAJAC NOTARY PUBLIC ' MINNESOTA j '�' � My Commi$$IOf Expire$ Jan.31, 8015 DRAFTED BY: CAMPBELL, KNUTSON Professional Association 317 Eagandale Office Center 1380 Corporate Center Curve Eagan, MN 55121 Telephone: (651) 452 -5000 RNK:srn SRN:r10 /04/2011 DEVELOPER: SHAMROCK DEVELOPMENT, INC. BY: Its CFO & Presi The foregoing instrument was acknowledged before me this 13th day of October 2011, by Michael J. Kraling th CFO & Vice President of Shamrock Development, Inc., a Minnesota corporatio , o be - •f the corporation. NOTARY P 159223v03 23 LKVL:CRESCENT RIDGE SECOND ADDITION (Shamrock Development, Inc.) Premier Bank , which holds a mortgage on the subject property, the development of which is governed by the foregoing Development Contract, agrees that the Development Contract shall remain in full force and effect even if it forecloses on its mortgage. Dated this 25.4\ day of C3c+ b , 2 011 . P emier Bank STATE OF MINNESOTA COUNTY OF J r/I1■1 1 DRAFTED BY: CAMPBELL KNUTSON Professional Association 317 Eagandale Office Center 1380 Corporate Center Curve Eagan, Minnesota 55121 (651) 452 -5000 RNK:sm 159223v03 SRN:r10 /04/2011 (ss. MORTGAGE CONSENT TO DEVELOPMENT CONTRACT The foregoing instrument was acknowledged before 2 011, by 1,Q4 (AI4 1,•t 1 VI C. - NOTARY PUBLIC 24 me this 20 4 - day of ME C, Ce-FLItON- LKVL:CRESCENT RIDGE SECOND ADDITION (Shamrock Development, Inc.)