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06-28-2021 Council Packet
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06-28-2021 Council Packet
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11/4/2021 10:53:20 AM
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City Council
Council Document Type
Council Packet
Meeting Date
06/28/2021
Council Meeting Type
Regular
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LinoExch321 LLC Site Performance Agreement page 5 of 10 <br />Developer will need to start the site and building plan approval process from <br />the beginning. <br /> <br />VI. GUARANTEE. <br /> <br />A. The Developer will fully and faithfully comply with all terms and <br />conditions of any and all contracts entered into by the Developer. <br />Concurrently with the execution hereof by the Developer, the Developer <br />will furnish to, and at all times thereafter maintain with the City, a cash <br />deposit, certified check, or Irrevocable Letter of Credit, based on thirty- <br />five (35%) percent of the total estimated cost of Developer's On-site <br />Work. An Irrevocable Letter of Credit shall be for the exclusive use and <br />benefit of the City of Lino Lakes and shall state thereon that the same is <br />issued to guarantee and assure performance by the Developer of all the <br />terms and conditions of this Development Contract, construction of all <br />required improvements in accordance with the ordinances and <br />specifications of the City and guarantees the workmanship and materials <br />for the landscape improvements for a period of one year following the <br />City’s acceptance of the landscape improvements. The City reserves the <br />right to draw, in whole or in part, on any portion of the Irrevocable Letter <br />of Credit for the purpose of guaranteeing the terms and conditions of this <br />contract, if Developer has been found to be in default of this agreement <br />and only after providing Developer with written notice and opportunity to <br />cure any default. The Irrevocable Letter of Credit shall be automatically <br />extended for additional periods of one year from present or future <br />expiration dates unless sixty (60) days prior to such the City Clerk or <br />Administrator is notified in writing by certified mail or overnight mail that <br />the Letter of Credit will not be renewed. <br /> <br />B. Upon written request, The City will grant a reduction of the Letter of <br />Credit, or cash deposit based on prepayment or the value of the completed <br />improvements at the time of the requested reduction. The Developer may <br />make such requests three times throughout the life of this agreement, with <br />the third and/or final request being at the completion of the project. The <br />City will respond to such request within 30 days time. Prior to the final <br />acceptance of the Developer’s Improvements the City shall require a <br />Letter of Credit or Cash Escrow to cover the warranty provisions of the <br />agreement. The amount shall be agreed to by the City Engineer and <br />Developer and Developer may use the Letter of Credit discussed in <br />Section VI.A above. <br /> <br />VII. REIMBURSEMENT OF COSTS. <br /> <br />A. The Developer agrees to establish a non-interest bearing escrow account <br />with the City in an amount established by the City Engineer or his
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