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Saddle Club 4th Addition <br />Grading and Trunk Utility Agreement <br />October 8, 2018 <br /> <br /> page 4 <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. 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 <br />improvements at the time of the requested reduction. <br />11. 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 in writing, in recordable form, containing such terms and conditions as the City <br />shall determine. <br />12. Ownership of Improvements. Upon completion and City acceptance of the work and <br />construction required by this Agreement, the site improvements shall remain privately <br />owned and maintained. A separate agreement shall be entered into between City and <br />Developer that addresses public and private site improvements installed after site <br />grading is completed. <br />13. Recording and Release. The Developer agrees that the terms of this Development <br />Agreement shall be a covenant on any and all property included in the Subdivision. The <br />Developer agrees that the City shall have the right to record a copy of this Development <br />Agreement with the Anoka County Recorder to give notice to future purchasers and <br />owners. This shall be recorded against the Subdivision described on Page 1. <br />14. Escrow for City’s Costs. <br />a. The Developer agrees to establish a non-interest bearing escrow account with <br />the City in an amount determined by the City Administrator or his designee for <br />the payment of all costs incurred by the City related to the development of the <br />Subdivision including, but not limited to, the following (See Exhibit B for <br />breakdown of costs): <br />i. Administration - 3% of Developer Improvement Costs <br />ii. City Engineering