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Preserve at Lino Lakes Development Contract May, 2013 page 8 submit two (2) sets of record Developer Plans, two (2) electronic copies of record Developer Plans in Anoka County NA D 83 Coordinates compatible with the City’s computer sys tem, including accurate locations, dimensions, elevations, grades, slopes and all other pertinent information concerning the compete work. b) A storm sewer, watermain, and sanitary sewer Excel Spreadsheet must be submitted, which includes all the as-built data. 15. Faithful Performance of Construction Contract s and Letter of Credit a) The Developer will fully and faithfully comply w ith all terms and conditions of any and all contracts entered into by the Developer for the installation and construction of all Developer Improvements and hereby guarantees the workmanship and materials for a period of one year following the City's final acceptance of the D eveloper's Improvements. Concurrently with the execution here of by the Developer, the Developer will furnish to, and at al l times thereafter maintain with the City, a cash deposit, certified c heck, or Irrevocable Letter of Credit, based on one hundred fifty (150%) percent of the total estimated cost of Developer's Public Improvem ents. The bank and form of the Letter of Credit or security shall be subject to the approval of the City. An Irrevocable Letter of Cre dit shall be for the exclusive use and benefit of the City of Lino Lakes and shall state thereon that the same is issued to guarantee and as sure performance by the Developer of all the terms and conditions of this Development Contract and construction of all required improveme nts in accordance with the ordinances and specifications o f the City. The City reserves the right to draw, in whole or in par t, on any portion of the Irrevocable Letter of Credit for the purpose of guaranteeing the terms and conditions of this contract. The Irrevoc able Letter of Credit shall be automatically extended for addition al periods of one year from present or future expiration dates. b) Reduction of Escrow Guarantee. (1) The Developer may request reduction of the Lett er of Credit, or cash deposit based on prepayment or the value of the completed improvements at the time of the requested reduction. Prior to the final acceptance of the Dev eloper Improvements the City shall require a Performance B ond or Cash Escrow to cover the one -year warranty provisi ons of the agreement. The amount shall be determined by th e City Engineer.