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<br />DEVELOPMENT AGREEMENT FOR <br />PRAIRIE RIDGE <br /> <br />THIS AGREEMENT is made and entered into this _ day of <br /> <br />, 2005, by and <br /> <br />between the City of Hastings, a Minnesota Municipal Corporation ("City") and Centex Homes, a <br /> <br />Nevada General Partnership ("Developer"); and <br /> <br />WHEREAS, Developer proposes to undertake the development and construction of a <br /> <br />residential development on property proposed to be platted as "Prairie Ridge" (hereafter referred to <br /> <br />as "Subject Property"); and <br /> <br />WHEREAS, public hearings have been held providing the opportunity for input by the <br /> <br />neighbors and all interested persons; and <br /> <br />WHEREAS, the Hastings City Council has approved Developer's proposed plat of the <br /> <br />Subject Property, subject to Developer signing this Development Agreement and otherwise <br /> <br />complying with all conditions of city council approval. <br /> <br />NOW, THEREFORE, it is hereby agreed between the parties as follows: <br /> <br />1. Application of Development Aereement. This Development Agreement shall apply <br /> <br />to the following property proposed to be platted in the City of Hastings, Dakota <br /> <br />County, Minnesota, legally described as: <br /> <br />1 <br />