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NOW, THEREFORE, in consideration of the premises and of the mutual <br /> promises and conditions hereinafter contained, it is hereby agreed as follows: <br /> l. Property Description. This Agreement shall apply only to the following <br /> described property located in Hennepin County, Minnesota: <br /> Lots 1 and 2, Block 1 and Outlots A and B, BRACKETTS POINT 2ND <br /> ADDITION, Hennepin County, Minnesota <br /> (hereinafter the "Property") <br /> 2. Improvements. In accordance with the policies and ordinances of the City, the <br /> following described public and private improvements (hereinafter collectively <br /> called the "Improvements") shall be constructed and installed on the terms and <br /> conditions hereinafter contained. <br /> - Construction of a new roadway (portions public, portions private) <br /> - Construction of new municipal sewer lines and individual services <br /> - Construction of stormwater management improvements <br /> - Construction of grading and landscaping improvements <br /> - Relocation of public utility lines (gas, electric, telephone, cable) <br /> 3. Construction Plans. Final sets of the following described detailed plans and <br /> specifications far the complete installation of the Improvements prepared by Mark <br /> Gronberg of Gronberg Associates shall be submitted by the Developer for the <br /> approval of the City prior to the start of construction. The plans and <br /> specifications shall conform to all current City standards for all applicable work: <br /> Road and Sanitary Sewer Plan <br /> Grading Plan <br /> Storm Water Pollution Prevention Plan (SWPPP) <br /> Landscaping Plan (including required boulevard trees) <br /> 4. Construction of Improvements <br /> A. Commencement Date — The construction of Improvements shall begin no <br /> later than 12/31/07 . <br /> B. Completion Date — All Improvements shall be completed no later than <br /> 12/31/08 <br /> Page 2 of 7 <br /> Initials of Developer <br /> lnitials of City Clerk <br />