2016-059 Council Resolution - Laserfiche WebLink

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B. Cost Estimates. The Developer shall provide the City with a written estimate of all applicable costs of the On -Site Work, itemized by type; the estimates shall be based upon the actual estimates provided by the contractors who are to do the Work. Said cost estimates shall be reviewed by the City, and the City shall establish the actual amount of the financial guarantee. The description and estimated cost of Developer's On-site Work are as follows: Description of Improvements Estimated Costs 1. Traffic Control $8,500 2. Erosion Control $3,000 3. Roadway Repair $14,500 4. Restoration $3,000 Total Estimated Cost of Developer $29,000 Improvements Security Requirement (Total * 35%) $10,150 III. RECORD DRAWINGS Record drawings are not required for this project. Once the project is complete the applicant shall notify the City Engineer for a final site approval. IV. COMPLETION DATE. The project shall be completed by November 30, 2016 including site restoration. V. GUARANTEE. A. The Developer will fully and faithfully comply with all terms and conditions of any and all contracts entered into by the Developer. Concurrently with the execution hereof by the Developer, the Developer will furnish to, and at all times thereafter maintain with the City, a cash deposit, certified check, or Irrevocable Letter of Credit, based on thirty- five (35%) percent of the total estimated cost of Developer's On-site Work. An Irrevocable Letter of Credit shall be for the exclusive use and benefit of the City of Lino Lakes and shall state thereon that the same is issued to guarantee and assure performance by the Developer of all the terms and conditions of this Development Contract, construction of all required improvements in accordance with the ordinances and specifications of the City and guarantees the workmanship and materials for the site restoration for a period of one year following the City's 2016 20160627 Arnt CUP Batch Plant Site Performance Agreement page 2 of 8