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Otter Crossing <br />Development Agreement <br />May 10, 2021 <br /> page 5 <br />c. 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 />d. 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 as determined by the City Engineer. <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 on an annual basis, unless at least sixty (60) days prior to the <br />expiration date, the Community Development Director and City Engineer, are <br />notified by certified mail or overnight courier, that the Letter of Credit will not be <br />extended. <br />c. Alternatively, the Developer may enter into a Public Improvement Surety <br />Agreement, not applicable. <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 Council. All trees, grass and sod shall be warranted to be alive, of good quality