2016-086 Council Resolution - Laserfiche WebLink

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Clearwater Creek Business Park Development Agreement August 8, 2016 reasonably approved by the City. If Developer defaults in the performance of any of its obligations under this Agreement, after written notice and a reasonable period of time to cure such default, the City reserves the right to draw on the Irrevocable Letter of Credit for an amount necessary to cure the default. The Irrevocable Letter of Credit shall be automatically extended for additional periods of one year from present or future expiration dates, subject to the terms and conditions of this Agreement. The Irrevocable Letter of Credit may not be terminated without the City's written consent. c. Reduction of Security. The City will reduce the Letter of Credit or cash deposit upon Developer's request, based on prepayment or the value of the completed improvements at the time of the requested reduction. In no event shall the Developer submit more than one request every 30 days. 10. 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 reasonably determine. 11. Ownership of Improvements. Upon completion and City acceptance of the work and construction required by this Agreement, the Developer Improvements shall remain privately owned and maintained. A separate agreement shall be entered into between City and Developer that addresses public and private site improvements installed after site grading is completed. 12. 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 Property described on Page 1. Upon final completion and City acceptance of the work and construction required by this Agreement, City will execute and deliver to Developer a recordable document terminating this Agreement and releasing this Agreement of record. 13. Escrow for City's Costs. a. The Developer agrees to establish a non-interest bearing escrow account with the City in an amount determined by the City Administrator or his designee for the payment of all actual costs incurred by the City related to the development of the Subdivision including, but not limited to, the following (See Attachment B for breakdown of costs): i. Administration - 1% of Developer Improvement Costs �, page 4