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Century Farm North 7th Addition <br /> Development Agreement <br /> May 14, 2018 • <br /> conditioned upon updating the security posted by the Developer to reflect cost <br /> increases and the extended completion date. <br /> 8. City Improvements. No City improvements are proposed to be constructed for this <br /> subdivision. <br /> 9. Record Drawings. <br /> a. Upon project completion, Developer shall submit record drawings, in electronic <br /> format,of all public and private infrastructure improvements, including grading, <br /> sanitary sewer,watermain,storm sewer facilities, and roads,constructed by <br /> Developer. The files shall be drawn in Anoka County NAD 83 Coordinate system <br /> and provided in both AutoCAD.dwg and Adobe.pdf file formats. The plans shall <br /> include accurate locations, dimensions,elevations,grades, slopes and all other <br /> pertinent information concerning the complete work. The Developer shall also <br /> submit certified compaction testing results for the site grading operations. <br /> b. A summary of the record plan attribute data for the storm sewer,watermain, <br /> and sanitary sewer structures and pipes shall be submitted in the form of an <br /> Excel Spreadsheet as provided by the City Engineer. <br /> c. No securities will be fully released until all record drawings have been submitted <br /> and accepted by the City Engineer. <br /> 10. Faithful Performance of Construction Contracts and Security. <br /> a. The Developer will fully and faithfully comply with all terms and conditions of any <br /> and all contracts entered into by the Developer for the installation and construction <br /> of all Developer Improvements. Concurrent with the execution hereof by the <br /> Developer,the Developer will furnish to,and at all times thereafter maintain with <br /> the City,a cash deposit,certified check, or Irrevocable Letter of Credit, based on <br /> one hundred fifty(150%) percent of the total estimated cost of Developer's <br /> Improvements. <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 /> pag <br /> e 4 • <br /> � <br />