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Woods Edge <br />Development Agreement <br />September 12, 2016 <br /> Page 5 <br />b. Irrevocable Letter of Credit. If an Irrevocable Letter of Credit is utilized, it shall be <br />for the exclusive use and benefit of the City of Lino Lakes and shall state that it is <br />issued to guarantee and assure performance by the Developer of all the terms and <br />conditions of this Development Agreement and construction of all required <br />improvements referenced therein in accordance with the ordinances and <br />specifications of the City. The letter shall be in a form, and from a bank, as <br />approved by the City. The City reserves the right to draw, in whole or in part, on <br />any portion of the Irrevocable Letter of Credit for the purpose of guaranteeing the <br />terms and conditions of this agreement. The Irrevocable Letter of Credit shall be <br />automatically extended for additional periods of one year from present or future <br />expiration dates. The Irrevocable Letter of Credit may not be terminated without <br />the City’s written consent. <br />c. Alternatively, the Developer may enter into a Public Improvement Surety <br />Agreement, subject to City approval. <br />d. Reduction of Security. The Developer may request reduction of the Letter of Credit <br />or cash deposit based on prepayment or the value of the completed improvements <br />at the time of the requested reduction. <br />11. Warranty. The Developer warrants all utility work required to be performed by it against <br />poor material and faulty workmanship for a period of two years after its completion and <br />acceptance by the City. All new streets shall be warranted by the developer for a period <br />of one year from the time the final inspection of the street is completed and accepted <br />by the City. All trees, grass and sod shall be warranted to be alive, of good quality and <br />disease free for 12 months after planting. Prior to final acceptance of the Developer <br />Improvements the City shall require a letter of credit, Performance Bond or Cash Escrow to <br />cover the warranty provisions of this Agreement. The amount shall be determined by the <br />City Engineer. <br />12. Dedication. The Developer shall dedicate to the City, at no cost to the City, any <br />permanent or temporary easements that may be necessary for the construction and <br />installation of the Developer Improvements. All such easements required by the City <br />shall be on the recorded plat of the Subdivision or in writing, in recordable form, <br />containing such terms and conditions as the City shall determine. <br />13. Ownership of Improvements. Upon completion and City acceptance of the work and <br />construction required by this Agreement, the public improvements lying within public <br />right-of-way and easements shall become City property without further notice or action <br />unless the improvements are to be deemed private infrastructure. Private <br />infrastructure shall include the following: <br />a. Private Drive, stormwater conveyance system and appurtenances in Outlot A <br />and Outlot B.