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157034 CORRECTIVE DEVELOPMENT CONTRACT AND SPECIAL ASSESSMENT AGREEMENT Corrective Development Contract and Special Assessment Agreement dated June 14, 2006, by and between the CITY OF CHANHASSEN, a Minnesota municipal corporation ["City"]; and PAUL T. EIDSNESS and ANDREA S. EIDSNESS f/k/a ANDREA S. JOHNSON, husband and wife, [hereinafter referred to as the "Developer"]. This Corrective Development Contract and Special Assessment Agreement is given to correct the legal description of the property used in a former Development Contract and Special Assessment Agreement between the parties hereto, dated February 13, 2006, and recorded in the Office of the Registrar of Titles for Carver County, Minnesota, on February 15, 2006, as Document No. T 157034. RECITALS A. The Developer has applied to the City for the subdivision of the land described on into two lots, one of which lots is legally described on the attached Exhibit "A" ["Assessed Parcel"]. The City has approved the subdivision subject to certain conditions including that the Developer enter into this Agreement. B. As a condition of subdivision approval, the City required the construction of a street. The Developer has asked the City to construct the street as a public improvement project. NOW, THEREFORE, IN CONSIDERATION OF THEIR MUTUAL COVENANTS, THE PARTIES AGREE AS FOLLOWS: 1. Public Improvements. The City shall construct a public street in the public easement as described on Exhibit A ["Easement Premises"]. Street construction may commence, in the City's discretion, upon the occurrence of any of the following events, whichever first occurs: when property immediately abutting the Assessed Parcel to the east is further subdivided, when a building permit is issued for construction on the Assessed Parcel, when the property to the north of the Assessed Parcel is developed, or when the City determines it is appropriate to construct the street. 2. Surface Water Management Fees. As a condition of subdivision approval the Developer is required to pay a surface water quality fee of $2,383 and a surface water quantity fee of $5,987. The Developer has asked to defer payment of the fees until one of the events triggering the street construction referred to in paragraph 1 above occurs. 3. Special Assessments. Parcel B is specially assessed for: [1] street project in the amount of $10,000.00; [2] the surface water quality fee in the amount of $2,383; and [3] the surface water quantity fee in the amount of $5,987. The assessments shall be deemed adopted on the date this Agreement is approved by the City Council. The assessments shall be deferred without interest until the street is constructed. When the deferment ends, the assessments shall be paid over a five [5] year period, together with interest commencing as of the date the deferment ends at a rate of eight percent [8%] per year on the unpaid balance. 4. Waiver. The Developer waives any and all procedural and substantive objections to the improvements and the special assessments, including but not limited to hearing requirements and any claim that the assessment exceeds the benefit to the property; and further waives any appeal rights otherwise available pursuant to M.S.A. ~ 429.081. 2 IN WITNESS WHEREOF, this Corrective Development Contract and Special Assessment Agreement was executed by the parties the day and year first above written. CITY OF CHANHASSEN BY~ A_';~l Thomas A. Furlong, Mayor odd Gerhardt, City Manager/Clerk DEVELOPER: ~~ ..;> """-- =--- Paul T. Eidsness ~ ~~ Andrea S. Eidsness fjkj a Andrea S. Johnson STATE OF MINNESOTA] ] ss. COUNTY OF CARVER ] The foregoing instrument was acknowledged before me this / & t7i day of June, 2006, by Thomas A. Furlong and by Todd Gerhardt, respectively the Mayor and City Manager / Clerk of the City of Chanhassen, a Minnesota municipal corporation, on behalf of the corporation and pursuant to the authority granted by its City Council. \ "'""'.(10 KAREN J. ENGELHARDT I ~, .:l~ Notary Public-Minnesota ~~..;.;;;~:~~t:: My Commission Expires Jan 31. 2010 ~ 3 STATE OF MINNESOTA] !/cNNE;p/N ] ss. COUNTY OF CARVER ] The foregoing instrument was acknowledged before me this I'IM day of June, 2006, by Paul T. Eidsness and Andrea S. Eidsness, f/k/ a Andrea S. Johnson, husband and wife. ~?(jrciu~ DRAFTED BY: Rice Law Firm, Chartered 525 West 78th Street, Suite 201 P.O. Box 1180 Chanhassen, Minnesota 55317-1180 .--------------------------------AA_ J.;,;';'~~I 4 EXHIBIT "A" TO CORRECTIVE DEVELOPMENT CONTRACT AND SPECIAL ASSESSMENT AGREEMENT ASSESSED PARCEL: Outlot A, BIG WOODS ON LOTUS LAKE, Carver County, Minnesota, according to the recorded plat thereof. AND That part of Govemment Lot 6, Section 12, Township 116, Range 23, Carver County, Minnesota, described as follows: Beginning at a point in the center line of Lakeview Drive, distant 243.518 feet on a bearing of South 22 degrees 21 minutes 40 seconds East, from the point formed by the intersection of the center lines of Fem Road and Lakeview Drive, as designated and delineated on the Map of Carver Beach, at Long Lake, according to the plat thereof, on file and of record in the office of the Registrar of Titles in and for said County and State of Minnesota; and running from thence South 89 degrees 31 minutes 29 seconds East 950 feet plus or minus in. and along the division line between Section 1 and 12 of Carver County to the high water mark of Long Lake; thence in a Southeasterly direction along the high water mark of Long Lake 115 feet plus or minus to a point 100 feet at right angles to the first course when said course is projected Easterly; thence Northerly 89 degrees 31 minutes 29 seconds West 965 feet plus or minus to the center line of Lakeview Drive; thence North 22 degrees 21 minutes 40 seconds West, 108.505 feet to the point of beginning, being a part of Govemment Lot No.6, Section 12, Township 116, Range 23, same being registered land as evidenced by Certificate of title No. 1726, Carver County, State of Minnesota. That lies Westerly of a line, described as follows: Commencing at a point in the center line of Lakeview Drive, distant 243.518 feet on a bearing of South 22 degrees 21 minutes 40 seconds East, from the point formed by the intersection of the center lines of Fem Road and Lakeview Drive, as designated and delineated on the Map of Carver Beach, at Long Lake, according to the plat thereof, on file and of record in the office of the Registrar of Titles in and for said County and State of Minnesota; and running from thence South 89 degrees 31 minutes 29 seconds East along the North line of said Section 12, a distance of 530.06 feet to the point of beginning of said line to be described; thence South 03 degrees 01 minutes 32 seconds East to a point 100.25 feet at right angles from the South Line of said Section 1, and said line there terminating. EASEMENT PREMISES: A permanent easement for public roadway, drainage and utility purposes over, under and across the East 50.00 feet of the above-described property . Page A - 2