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CITY OF LINO LAKES <br />RESOLUTION NO. 16-105 <br />APPROVING FIRST AMENDMENT TO <br />PUBLIC IMPROVEMENT SURETY AGREEMENT <br />NORTHPOINTE 4TH ADDITION <br />WHEREAS, the City Council adopted Resolution No. 16-70, on July 11, 2016, approving the <br />Public Improvement Surety Agreement for NorthPointe 4th Addition; and <br />WHEREAS, the Agreement requires financial security of $1,080,904 to be escrowed with the <br />Escrow Agent, that amount being 125% of the estimated cost of improvements ($864,723); and <br />WHEREAS, the Amendment to the Surety Agreement requires the Bank, Escrow Agent and <br />City approve the work completed prior to disbursal of funds; and <br />NOW, THEREFORE BE IT RESOLVED that the City Council of the City of Lino Lakes <br />hereby approves the First Amendment to Public Improvement Surety Agreement attached <br />hereto. <br />Adopted by the Council of the City of Lino Lakes this 12th day of September, 2016. <br />The motion for the adoption of the foregoing resolution was introduced by Council Member <br />Kusterman and was duly seconded by Council Member Manthey and upon <br />vote being taken thereon, the following voted in favor thereof: <br />Kusterman, Manthey, Maher, Rafferty, Reinert <br />The following voted against same: <br />none <br />ATTEST: <br />u is e Bartell, City Clerk <br />