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20161102 Lino Lakes Elementary Site Performance Agreement page 3 of 9 <br /> Description of Improvements Estimated Costs <br /> <br />1. Site Clearing and Earthwork $559,423 <br />4. Pavement $102,900 <br />7. Irrigation & Landscaping $316,800 <br /> Total Estimated Cost of Developer <br />Improvements <br /> <br />$979,123 <br /> Security Requirement (Total * 35%) $342,693 <br /> <br />III. Record Drawings <br /> <br />A record drawing that includes an as-built survey of all storm water <br />BMP’s (ponds, rain gardens, trenches, swales, etc.) is to be submitted to <br />the City for verification of compliance with the approved plans. A hard <br />copy and an electronic copy of the record drawing must be submitted. <br /> <br />IV. COMPLETION DATE. <br /> <br />If the activities authorized by site and building plan approval are not initiated <br />within twelve (12) months from the final execution of this agreement, then <br />Developer will need to start the site and building plan approval process from <br />the beginning. <br /> <br />V. GUARANTEE. <br /> <br />A. The Developer will fully and faithfully comply with all terms and <br />conditions of any and all contracts entered into by the Developer. <br />Concurrently with the execution hereof by the Developer, the Developer <br />will furnish to, and at all times thereafter maintain with the City, a cash <br />deposit, certified check, or Irrevocable Letter of Credit, based on thirty- <br />five (35%) percent of the total estimated cost of Developer's On-site <br />Work. An Irrevocable Letter of Credit shall be for the exclusive use and <br />benefit of the City of Lino Lakes and shall state thereon that the same is <br />issued to guarantee and assure performance by the Developer of all the <br />terms and conditions of this Development Contract, construction of all <br />required improvements in accordance with the ordinances and <br />specifications of the City and guarantees the workmanship and materials <br />for the landscape improvements for a period of one year following the <br />City’s acceptance of the landscape improvements. The City reserves the <br />right to draw, in whole or in part, on any portion of the Irrevocable Letter <br />of Credit for the purpose of guaranteeing the terms and conditions of this <br />contract, if Developer has been found to be in default of this agreement <br />and only after providing Developer with written notice and opportunity to <br />cure any default. The Irrevocable Letter of Credit shall be automatically <br />extended for additional periods of one year from present or future