09-26-2016 Council Packet - Laserfiche WebLink

Home Search

Clearwater Creek Business Park Development Agreement September 26, 2016 page 4 7. Time of Performance. The Developer shall exercise commercially reasonable efforts to install all required improvements enumerated in Paragraph 6 by November 30, 2017. The Developer may request a reasonable extension of time from the City. If the extension is granted, it shall be conditioned upon updating the security posted by the Developer to reflect any cost increases and the extended completion date. 8. City Improvements. No improvements are proposed to be installed by the City for this Subdivision. 9. Record Drawings. a. Within 60 days after project completion, Developer shall submit record drawings, in electronic format, of all public and private infrastructure improvements, including roads, sanitary sewer, watermain, storm sewer facilities, and grading, constructed by Developer. The files shall be drawn in Anoka County NAD 83 Coordinate system and provided in both AutoCAD .dwg and Adobe .pdf file formats. The plans shall include accurate locations, dimensions, elevations, grades, slopes and all other pertinent information concerning the complete work. b. Within 60 days after project completion, Developer will provide City with a summary of the record plan attribute data for the storm sewer, watermain, and sanitary sewer structures and pipes shall be submitted in the form of an Excel Spreadsheet as provided by the City Engineer. c. No securities will be fully released until all record drawings have been submitted and accepted by the City Engineer. 10. Security. a. Concurrent with the execution hereof by the Developer, the Developer will furnish to, and at all times thereafter maintain with the City (until the City has accepted the Developer Improvements), a cash deposit, certified check, or Irrevocable Letter of Credit, based on one hundred fifty percent (150%) of the total estimated cost of Developer's Improvements “Off-Site” improvements and thirty-five percent (35%) for On-Site improvements. b. Irrevocable Letter of Credit. If an Irrevocable Letter of Credit is utilized, it shall be for the exclusive use and benefit of the City of Lino Lakes and shall state that it is issued to guarantee and assure performance by the Developer of all the terms and conditions of this Development Agreement and construction of all required improvements referenced therein in accordance with the ordinances and specifications of the City. The letter shall be in a form, and from a bank, as approved by the City. The City reserves the right to draw, in whole or in part, on