09-26-2016 Council Packet - Laserfiche WebLink

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Clearwater Creek Business Park Development Agreement September 26, 2016 page 5 any portion of the Irrevocable Letter of Credit for the purpose of guaranteeing Developer’s completion of the Developer Improvements. The Irrevocable Letter of Credit shall be automatically extended for additional periods of one year from present or future expiration dates. The Irrevocable Letter of Credit may not be terminated before the City has accepted the Developer Improvements without the City’s written consent. c. Reduction of Security. The Developer may request reduction of the security amount based on prepayment or the value of the completed improvements at the time of the requested reduction; provided Developer provides City with evidence of prepayment or value as the case may be. d. Release of Security. City will release any security upon City’s acceptance of the Developer Improvements. 11. Warranty. The Developer warrants all utility work required to be performed by it against poor material and faulty workmanship for a period of two years after its completion and acceptance by the City. All new streets shall be warranted by the developer for a period of one year from the time the final inspection of the street is completed and accepted by the City. All trees, grass and sod shall be warranted to be alive, of good quality and disease free for 12 months after planting. Prior to final acceptance of the Developer Improvements the City shall require a Performance Bond or Cash Escrow to cover the warranty provisions of this Agreement. The amount shall be reasonably determined by the City Engineer. 12. Dedication. The Developer shall dedicate to the City, at no cost to the City, any permanent or temporary easements that may be necessary for the construction and installation of the Developer Improvements. All such easements required by the City shall be in writing, in recordable form, containing such terms and conditions as the City shall determine. 13. Ownership of Improvements. Upon completion and City acceptance of the work and construction required by this Agreement, the Developer Improvements lying within public right-of-way and public easements shall become City property without further notice or action, except for the Stormwater conveyance system, including ponding and appurtenances serving Lot 1, Block 1, which shall remain as private infrastructure. 14. Recording and Release. The Developer agrees that the terms of this Development Agreement shall be a covenant on any and all property included in the Subdivision. The Developer agrees that the City shall have the right to record a copy of this Development Agreement with the Anoka County Recorder to give notice to future purchasers and owners. This shall be recorded against the Subdivision described on Page 1. Within 10 days after Developer’s request, City will execute a recordable document prepared by