06-22-2020 Council Packet - Laserfiche WebLink

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Nadeau Acres Development Agreement June 22, 2020 page 4 improvements referenced therein in accordance with the ordinances and specifications of the City. The letter shall be in a form, and from a bank, as approved by the City. The City reserves the right to draw, in whole or in part, on any portion of the Irrevocable Letter of Credit for the purpose of guaranteeing the terms and conditions of this agreement. The Irrevocable Letter of Credit or Public Improvement Surety shall be automatically extended for additional periods of one year from present or future expiration dates on an annual basis, unless at least sixty (60) days prior to the expiration date, the Community Development Director and City Engineer, are notified by certified mail or overnight courier, that the Letter of Credit will not be extended. c. Alternatively, the Developer may enter into a Public Improvement Surety Agreement, subject to City approval. Public Improvement Surety as Exhibit C. d. Reduction of Security. The Developer may request reduction of the Letter of Credit or Public Improvement Surety based on prepayment or the value of the completed improvements at the time of the requested reduction. 11. Dedication. The Developer shall dedicate to the City, at no cost to the City, any permanent or temporary easements that may be necessary for the construction and installation of the Developer Improvements. All such easements required by the City shall be in writing, in recordable form, containing such terms and conditions as the City shall determine. 12. Ownership of Improvements. Upon completion and City acceptance of the work and construction required by this Agreement, the site improvements shall remain privately owned and maintained. A separate agreement shall be entered into between City and Developer that addresses public and private site improvements installed after site grading is completed. 13. Recording and Release. The Developer agrees that the terms of this Development Agreement shall be a covenant on any and all property included in the Subdivision. The Developer agrees that the City shall have the right to record a copy of this Development Agreement with the Anoka County Recorder to give notice to future purchasers and owners. This shall be recorded against the Subdivision described on Page 1. 14. Escrow for City’s Costs. a. The Developer agrees to establish a non-interest bearing escrow account with the City in an amount determined by the City Administrator or his designee for the payment of all costs incurred by the City related to the development of the Subdivision including, but not limited to, the following (See Exhibit B for breakdown of costs):