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Forest View Acres 2 nd Addition <br />Development Contract <br />March, 2013 <br /> page 7 <br />total estimated cost of Developer's Public Improvements and thirty <br />five (35%) of Developers Private Improvements . The bank and form <br />of the Letter of Credit or security shall be subject to the approval of <br />the City. An Irrevocable Letter of Credit shall be for the exclusive <br />use and benefit of the City of Lino Lakes and shall state thereon that <br />the same is issued to guarantee and assure performance by the <br />Developer of all the terms and conditions of this Development <br />Contract and construction of all required improvements in <br />accordance with the ordinances and specifications of the City. The <br />City reserves the right to draw, in whole or in part, on any portion of <br />the Irrevocable Letter of Credit for the purpose of guaranteeing the <br />terms and conditions of this co ntract. The Irrevocable Letter of <br />Credit shall be automatically extended for additional periods of one <br />year from present or future expiration dates. <br />b) Reduction of Escrow Guarantee. <br />(1) The Developer may request reduction of the Letter of Credit, <br />or cas h deposit based on prepayment or the value of the <br />completed improvements at the time of the requested <br />reduction. Prior to the final acceptance of the Developer <br />Improvements the City shall require a Performance Bond or <br />Cash Escrow to cover the one -year wa rranty provisions of <br />the agreement. The amount shall be determined by the City <br />Engineer. <br />III. CITY IMPROVEMENTS <br />A. There are no new City Improvements for this project. <br />IV. RECORDING AND RELEASE <br />A. The Developer agrees that the terms of this Development Contract shall be a <br />covenant on any and all property included in the Subdivision. The Developer agrees <br />that the City shall have the right to record a copy of this Development Contract with <br />the Anoka County Recorder to give notice to future purchasers and owners. This <br />shall be recorded against the Subdivision described on Page 1 hereof. City shall <br />provide to Developer upon payment of all the special assessments levied against a <br />parcel, a release of such parcel from the terms and conditions of this Develo pment <br />Contract subject to provisions contained in this contract. <br />V. REIMBURSEMENT OF COSTS <br />A. The Developer agrees to establish a non -interest bearing escrow account with the <br />City in an amount determined by the City Administrator or his designee for the