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<br />Prairie Ridge, according to the plat <br /> <br />thereof, to he filed in the Dakota County Recorder's Office. <br /> <br />This property hereafter shall be referred to as "Subject Property". All references in <br /> <br />this Development Agreement to a lot, block or outlot, shall refer to a lot, block or <br /> <br /> <br />outlot contained in the plat of Prairie Ridge. <br /> <br /> <br />2. Parties Authoritv to Sien. Developer warrants to the City they have full authority to <br /> <br /> <br />enter into this Development Agreement and perform the conditions herein contained. <br /> <br /> <br />Developer further warrants that this Development Agreement will be recorded <br /> <br />against the Subject Property before any of the Subject Property is transferred or <br /> <br />encumbered in any way. <br /> <br />3. Densitv. The Subject Property has been approved for total density of 114 multi- <br /> <br />family units within 18 structures. Additionally, the Subject Property has been <br /> <br />approved for 4 common area outlots. <br /> <br />4. Park Dedication Fees. Before the City will release the final plat, Developer shall <br /> <br /> <br />pay to the City cash in lieu of land in satisfaction of the City's park dedication <br /> <br />requirements. To satisfy this park dedication requirement, Developer shall pay to the <br /> <br />City $125,400. This represents a rate of$1,100 per unit for 114 units. <br /> <br />5. Sewer InterceDtor Fees. Before the City will release the final plat, Developer shall <br /> <br />pay to the City $41, 610 for sewer interceptor fees. This represents a rate of$365 per <br />unit for 114 units. <br /> <br />6. South Frontaee Road Turn Around. South Frontage Road must incorporate a <br /> <br />temporary turn around at the discretion of the Hastings Public Works Director. <br /> <br />2 <br />