86-087
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~c. S1~'tJ
5/6/87
CI1Y OF SImE\\tXD
AMENIl\1ENr '10 DEVEIDH\1ENI' AGREEMENl'
NFAR MlJNIAIN
\\HEREAS, an Agreement was made and entered into on the 28th day
of July, 1986, by and between the City of Shorewood, a Minnesota municipal
corporation (hereinafter referred to as "City"), and Lundgren Bros.
Construction, Inc., a Minnesota corporation (hereinafter referred to as
"Developer") for the development of certain lands into single family dwelling
sites as a "planned unit residential development"; and
\\HEREAS, said Agreement referred to a "Development Stage Plan"
envisioning a "273 lot development encorrpassing the entire property" and
proposed that the property be developed in "separate phases"; and
\\HEREAS, said Agreement referred to Phase I of said development
to include "29 smaller single-family lots in Olestnut Ridge at Near lVbuntain
Ninth Addition"; and
\\HEREAS, paragraph 25 of said Agreement set forth the agreed-upon
park dedication fees to be paid by the Developer to the City at the time each
phase is approved by the City; and
\\HEREAS, the parties hereto desire to modify and amend said
Agreement to provide for a reduction in the number of lots to be included in
the PUD, to change the name of the plat of Olestnut Ridge at Near lVbuntain,
and to adjust the park dedication fees to be paid by the Developer as a
result of the reduction in the number of platted lots.
N:M, TIIEREFCEE, in consideration of the rrutual covenants and
guarantees contained herein, the City and the Developer agree as follows:
1. That the total number of platted lots to be included in the
POD shall be reduced from 273 to 242, for a net reduction of 31 lots.
2. That the plat of Olestnut Ridge at Near lVbuntain Ninth
Addit ion shall be ret i tled "McKinley Place at Near l\'buntain."
3. That the park dedication fee to be paid by the Developer for
the 31 lots eliminated from the PUD shall be calculated on the basis of
$350.00 per lot, for a total fee of $10,850.00.
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4. That the park dedication fee to be paid by the Developer for
the 242 lots remaining in the POD shall be paid at the time that each final
plat of each phase is approved by the City, and in such amount as may be
required by City Ordinance as of the date such final plat is approved.
5. That in the event the total number of lots contained in the
POD is further reduced at some future date, a park dedication fee of $350.00
will be assessed for each lot eliminated.
IN WITNESS WHEREOF, the parties hereto have caused these presents
to be executed on the day and year first above written.
LUNOOREN BIDS. UNS1RUCrICN, INC.
CI1Y OF SImE\\tXD
By:
By:
Its
Its Mayor
AT1'EST:
By:
Its
Ci ty Clerk