04-25-2022 Council Packet - Laserfiche WebLink

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Exhibit A FIRST AMENDMENT AGREEMENT This First Amendment Agreement made this day of , 2022, amends the July 26, 2021 Development Agreement and Planned Unit Development Agreement ("DA") by and between the City of Lino Lakes ("City") and Lyngblomsten at Lino Lakes, LLC ("Developer") said DA being recorded as Document No. 2339598.003 in the Office of the Anoka County Recorder. Except as expressly modified herein, the terms and conditions of the DA remain in full force and effect Section 19(d) of the DA is hereby modified by this First Amendment Agreement as follows: The development requires turn lane, off -site stormwater and signal improvements along Hodgson Road (County State Aid Highway 49) and County Road J (Ash Street) as generally identified on the Concept Plan dated August 24, 2020 prepared by SHE, Inc. subject to approval by Anoka County and Ramsey County, the "Off -Site Improvements," which the parties anticipate will be constructed by Anoka County in 2023. Developer's share of the Off -Site Improvements intended to be constructed by Anoka County is $902,000. The Developer shall deposit with the City security in the amount of $1,127,500, which represents 125% of the Developer's share of the Off -Site Improvements. The security shall be provided in the form of cash escrow, surety agreement or letter of credit in a form acceptable to the City, each of which may be drawn upon by the City in the event Developer fails to pay the Developer's share of the Off -Site Improvements within thirty days after invoice therefore. The Developer shall also coordinate and cooperate with Anoka County and Ramsey County in the Counties' efforts to undertake additional off -site improvements related to the Hodgson Road (County State Aid Highway 49) and County Road J (Ash Street) intersection improvements. Such work shall be completed consistent with the 49 & J Road Concept Layout prepared by SEH dated August 24, 2020.